Sackers, the UK’s leading law firm for pension scheme trustees and sponsors, has launched a DC Gap Analysis service to assist trustees in complying with the requirements of The Pensions Regulator’s DC Code of Practice and Regulatory Guidance.
The DC Gap Analysis service will allow trustees to assess the extent to which their schemes comply with the new Code, which comes into force in November. The Pensions Regulator (TPR) has a number of enforcement powers, from issuing improvement notices to civil penalties of up to £50,000.
Sackers’ DC Gap Analysis service is a one-stop service for trust–based DC schemes. The service is designed to assess whether a trust-based DC scheme meets the legal requirements specified in TPR’s Code of Practice. As a result of the analysis, Sackers may make recommendations as to practice or procedure to meet the requirements.
Georgina Jones, associate director, Sackers, comments: “We have developed the DC Gap Analysis service to enable trustees to assess whether their schemes satisfy the legal requirements referred to in the Code and demonstrate their compliance with TPR’s new regulatory provisions. We expect that most well run schemes will already meet the majority of these requirements but recognise that, with a constantly changing regulatory landscape, there may be a few gaps to address.
“As lawyers we have the skills needed not only to help trustees identify those gaps, but also to assist with the provision of training and any new documentation or procedures that may be needed to demonstrate compliance. We are offering a one-stop service to make trustees’ lives easier and offer peace of mind.”