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Two Thirds of UK Pension Firms Concerned About New Governance Rules

A report by investment consultants Willis Towers Watson (WTW) has revealed 65% of UK pension schemes believe The Pensions Regulator’s (TPR) single code of practice – expected to apply later this year – will trigger major changes in their governance processes within the next two years. WTW’s report shows numerous schemes are concerned about meeting the requirements of the new code, with 61% of pension schemes saying it will take significant time and resources to comply with the new requirements. Only 22% think the requirements will add value to the governance of their schemes and just a quarter of schemes have had training on the new code’s requirements so far. Jenny Gibbons, Pensions Governance Lead at WTW, said: “It’s clear that pension schemes are concerned about the time and resource that could be involved in meeting the requirements of the Code […] There is more flexibility in the new code’s requirements than many think, but at the moment it’s a fear of the unknown that seems to be driving anxiety around it.” 

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