The Pensions Regulator (TPR) has published a revised guidance on internal controls for consultation.

Released in conjunction with e-learning modules to allow trustees to get to grips with the risks pension scheme members face, the new material aims to improve standards in scheme governance and administration, and follows last week's release of TPR's 'Keeping pensions safe' campaign.

Tony Hobman, chief executive, commented: "Good governance underpins secure pensions - which is important because scheme members entrust their pension savings into the hands of others.

"Our focus on governance aims to enable all pension schemes to be more effective at managing risk.

"Robust internal controls are key to good governance, and this is why we are placing so much emphasis on clarifying our expectations of trustees in this area.

"We hope that our updated guidance will provide trustees with new insight into the importance of risk management and internal controls and that this will help them fulfil their broader legal governance obligations."

The revised guidance looks at areas such as trustee knowledge and understanding, conflicts of interest, record keeping, employer covenant and investment, and applies to all schemes. This, along with the e-learning modules, reinforce TPR's key message in its code of practice - that trustees must have processes in place to identify and manage the most critical risks in their scheme.

Carole Ward, partner at Barnet Waddingham, welcomed TPR's latest attempt at guiding trustees: "Any guidance which focuses on improving scheme governance and administration is welcome and the bite sized learning will help give trustees a flavour of what is expected. It is a shame that the guidance is structured as 173 separate points with no clear navigation or clear ideas on how to address the big picture. The guidance is aimed at smaller schemes; these schemes will certainly need help from their advisors in order to separate the wheat from the chaff and implement controls which are both proportionate and pragmatic."

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