The Scheme Advisory Board welcomes the publication of The Pension Regulator’s (TPR) General Code of Practice (‘the Code’) which has been laid in Parliament and which is expected to come into force on 27th March 2024. It replaces Code of Practice 14 for Public Sector Pension Schemes and brings together 10 previous TPR Codes into one single Code. The Secretariat is studying the Code closely to identify any new requirements for funds and how the Code’s requirements align with items on the SAB workplan, such as the SAB’s 2021 Good Governance recommendations.  

TPR’s research on governance and administration shows that the LGPS already has high standards of governance in place, but the Code provides an opportunity for funds to review current practices, but also presents challenges during what is an already busy time within the LGPS. Clarity is required on which parts of the Code specifically apply to the LGPS and what these mean for funds and how they should be applied in practice. The SAB will support funds in understanding any new requirements in the Code and where needed, will produce new or update existing guidance to assist funds with their responsibilities.

To inform this work, the SAB secretariat is holding an online focus group on Thursday 8th February 2024 from 10am to 12pm to gather initial feedback on the Code and understand what support and interpretation is needed to assist funds with Code compliance. If you wish to put yourself forward to join the focus group, please email [email protected]

The SAB’s LGPS live webinar taking place on 6th March 2024 at 3.30pm will focus on the Code and the requirements and challenges it presents for the LGPS. You will be able to register in due course here: LGPS-Live | Home