Buck has announced the launch of its new tech-enabled gap analysis solution, a tool that helps trustees understand the governance requirements set out in The Pensions Regulator’s (TPR) new code of practice.

As the new code of practice is due to be published later this year, “trustees need to be thinking ahead about how they can improve their scheme governance”, Buck stated.

The platform-based gap analysis solution uses a 42-question digital survey to clarify a scheme’s current governance position.

The response to each question generates a traffic-light score and recommendations outlining how trustees can improve each relevant area of governance.

The results are presented via an online dashboard and are available through a downloadable report, creating a summary of the scheme’s overall performance alongside a prioritised plan of action with tailored recommendations to improve scheme governance.

By starting the process early, trustees “have the opportunity to define what actions are needed to comply with the extensive governance requirements” and to make the “necessary changes” ahead of the newly required annual own risk assessment (ORA).

Buck’s gap analysis solution is available to all schemes, regardless of whether they need an ORA, and covers all modules in the draft code that form part of the effective system of governance.

Buck UK managing director, David Piltz, commented: “In advance of the new code of practice, trustees need to be thinking ahead about how they can improve their scheme governance, as even well-governed schemes are unlikely to ha measures in place to meet every requirement.

“So, it’s vital that trustees have a good understanding of their current position as early as possible, and this is exactly what our digitally-driven gap analysis solution is designed to do.

“Our tool not only offers trustees insight into their current governance situation, it also provides them with a tailored, trusted, and proportionate approach to meeting those requirements.

“We’re committed to supporting trustees in preparing for the changes in a way that suits them, while also ensuring that they fulfil their wider strategic objectives.”

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