Majority of pension professionals see General Code as a 'real opportunity'

Nearly two thirds (64 per cent) of pension professionals believe that the General Code of Practice is a “real opportunity to add value”, whilst just over a third (36 per cent) view it as a box-ticking exercise, analysis from the Society of Pension Professionals (SPP) has found.

The General Code, which was published by The Pensions Regulator in January, combines the 10 existing codes of practice issued by TPR, restructured and updated in a consolidated code to give practical guidance on matters relating to the governance of all types of schemes.

SPP suggested that there was “considerable interest” in the new code, with almost 500 SPP members attending its webinar to discuss how the code can be used to drive value and scheme standards and explore what proportionality means in practice.

There was also evidence that trustees are taking steps to better understand the new code, as while 56 per cent of attendees felt that the code was a “real opportunity to add value” prior to the webinar, this increased to 64 per cent after the session.

Commenting on the findings, Muse Advisory director, Rosanne Corbett, said: “SPP polling suggests most pension professionals think the code is a tangible opportunity to add value.

“This positive outlook increases further once the code’s contents and requirements are better understood.

“With the code coming into effect on 27 March 2024, pension professionals can support pension schemes to realise that value, which is great news for both the industry and savers.”

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