The Good Governance Guide 2024

Good governance is the glue that holds your pension scheme together and lies at the heart of an effective pension scheme. Making sure the right people are in place and following appropriate processes will ensure that members’ benefits are safe and secure.

In our view, good modern pension scheme governance encompasses four key aspects:

1. A balanced suite of compliant policies and processes with a practical and sustainable way of keeping track of them
2. A modern risk management approach which is 'always on' and integrated into the operations of the scheme
3. An effective trustee board
4. A strategic perspective, including how to optimise governance delivery

The Regulator’s General Code of Practice (the Code), which came into effect on 28 March 2024, sets out its expectations of good pension scheme governance, including all of the aspects above. Schemes that are well aligned with the Code will be able to navigate efficiently towards their long-term objectives, effectively dealing with any events that arise along the way.

Complete the form on the right or below on a mobile device to download our Good Governance Guide. This considers the four key areas of scheme governance and the practical steps trustees can take to deliver a governance strategy that is not only fully compliant with the Code but also results in better outcomes for members.