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Employer  >  Trustee Zone  >  OPS Matters  >  And the results are in

And the results are in

The results of The Pensions Regulator’s (TPR) third occupational pensions governance survey have now been published. The survey is designed to assess standards of scheme governance in the UK.

Overall, results were consistent with 2007 following on from improvements between 2006 and 2007. One particular highlight is that use of the Trustee toolkit is up by 5% on last year.

Key findings

• retention of trustees is not a problem for 91%;
• recruiting trustees is not a problem for 84%;
• 92% are aware of TPR codes of practice; and
• 89% believe the standard of administration from their service provider is good or very good
• 84% of schemes state that their trustee board manages conflicts of interest effectively and only 39% have a conflicts of interest policy in place to in order to manage conflicts and just 26% keep and maintain a register of trustees’ interests

What should you do in the future?

TPR has flagged a number of areas where improvements must still be made including better documentation of internal controls and maintenance of registers of trustees’ interests. In smaller schemes, these improvement areas include trustee understanding of scheme rules and compliance with administration service standards.

Now that it’s in its third year, the governance survey highlights that certain trends are developing between small and large schemes. You should use the survey as a tool to determine your own governance priorities and take action to tackle areas where attention is needed. 

The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice.

Source: The Pensions Regulator - Governance survey 2008, July 2008