To reflect the increased governance requirements for defined contribution pension schemes, the Pensions Regulator has updated the DC Pension Scheme Return elements further and they now include requirements for confirmation of compliance with the following new legislative requirements:
- Charges on member funds do not exceed the specified limit on the default investment funds and are of a permitted structure.
- Details of the chair of trustees/manager.
- Whether the scheme’s sponsoring employers have passed their automatic enrolment staging date and if so, whether that scheme has been used for these purposes.
The Pensions Regulator has issued helpful guidance to trustees and managers of DC schemes to assist with this which can be found here.