More than one-in-five (22 per cent) of small DC scheme trustee boards meet less often than annually, or not at all, according to The Pensions Regulator (TPR).
In its sixth scheme governance survey, conducted among 611 schemes, the regulator also stated that awareness levels and actual usage of the Trustee Toolkit are lowest amongst small defined contribution (DC) schemes.
The regulator has also revealed that there are concerns around trustee board knowledge of DC scheme charges. Fifteen per cent of schemes are not confident that the charges incurred by their members offer value for money.
There was some positivity outlined in the report with 88 per cent of trustees showing their awareness of the regulator’s record keeping guidance, an increase from 74 per cent last year.
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