Pension Funds

(asked on 22nd February 2016) - View Source

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what plans he has to review the governance arrangements of pension funds.


Answered by
Justin Tomlinson Portrait
Justin Tomlinson
This question was answered on 29th February 2016

The draft Occupational Pension Schemes (Scheme Administration) (Amendment) Regulations 2016 laid before Parliament on 1 February, include a review provision as required by the Small Business, Enterprise and Employment Act 2015 which will oblige the Secretary of State to carry out reviews at least every 5 years of all the governance requirements for occupational pension schemes covered in Part V of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 as amended by this instrument. Subject to Parliamentary approval the draft 2016 Regulations will come into force on 6 April 2016. We will consider in due course how this review would work in practice.

On the governance of workplace personal pension schemes, the Financial Conduct Authority propose to carry out a review of the effectiveness of independent governance committees in 2017.

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