Current Size: 100%
How Schemes are Run
Covered in this topic:
Most public sector schemes were set up by Acts of Parliament. They are known as statutory schemes and have their own rules. We do not cover them here.
Other workplace schemes may either be 'occupational' or contract-based. Occupational schemes are run by trustees, whose role and activities are clearly defined. The Pensions Regulator provides a 'trustee toolkit' on this issue. In personal contract-based pension schemes, where there are no trustees, there may be a management committee, and firms that operate such schemes are required to establish and maintain Independent Governance Committees (IGCs). The Financial Conduct Authority provides more information on this.