Welcome milestone for pension schemes as long-awaited General Code of Practice is published

Tiffany Tsang, Head of DB, LGPS and Investment at the Pensions and Lifetime Savings Association, said; “Today marks a welcome milestone for pension schemes as the long-awaited General Code of Practice is published. Good governance is paramount for successful scheme operations. TPR's fresh approach aims to enhance user-friendliness which will ensure better interaction with the codes. It will also promote greater consistency in language and timely updates, benefiting schemes in their compliance efforts. We are pleased as well that the specificities of the important LGPS differences in language over governing bodies have been acknowledged and addressed.

“The high level of interest from all funds underscores its importance, and it is crucial that we embrace this clarity to move forward. When previously asked, our members showed high levels of support for the Single Code of Practice, with 72% supportive of it, and only 2% opposed.

“We encourage everyone to engage with the General Code as it provides certainty and serves as a crucial reference point."

Cali Sullivan, PR Manager

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