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The programme includes a series of communications to make clear what our expectations are on those responsible for managing a scheme effectively. This includes the main things that need to be in place and which will support good decision-making. For example:

  • clear roles and responsibilities and clear strategic objectives
  • a skilled, engaged and diverse board led by an effective chair
  • close relationships with employers, advisers and others involved in running the scheme
  • sound structures and processes focused on outcomes
  • a robust risk management framework focused on key risks

We are not creating new or higher standards of governance for those running schemes. Rather we are making clearer what we think good governance looks like, and what we will do if we don’t see these standards being met.

Governance, roles and strategy

1. Good governance

How trustees need to understand the importance of good governance and starting with the basics.

2. Clear roles and responsibilities

Make sure you are clear on roles, responsibilities, decision-making, governance structures and processes.

3. Clear purpose and strategy

Make sure you have a business plan so that you manage your scheme effectively and get good outcomes for members.

Check governance, roles and strategy for your scheme


4. Trustee training and improving your knowledge

Make sure the trustee board as a whole has the skills, knowledge and understanding to run the pension scheme properly.