Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Defined contribution definition

What does Defined contribution mean? Defined contribution describes pension benefits determined by the value of an individual pot built from contributions paid by, or on behalf of, the member and investment returns, rather than a salary/service formula. In UK legislation these benefits are called money purchase benefits; “defined contribution scheme” is a widely used descriptive label for schemes providing only money purchase benefits. In Ireland, defined contribution is the statutory term under the Pensions Act 1990. DC arrangements are commonly used for auto-enrolment. Key legal features and significance: - Investment and longevity risk sit with the member; outcomes depend on pot size, market conditions,...

Trustee chair requirements for occupational pension schemes: DC and DB appointments, duties, TPR EDI expectations, master trusts, penalties, and registrable information updates (2024 DB funding and investment strategy statement)

Published by a LexisNexis Pensions expert

Practice notes

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES

At present, only trustees of “relevant schemes” — essentially Defined contribution (DC) occupational pension schemes — are obliged to appoint a chair. This obligation took effect on 6 April 2015 via the Occupational Pension Schemes (Charges and Governance) Regulations 2015, SI 2015/879 (the Charges and Governance Regulations 2015), which added the requirement to the Occupational Pension Schemes (Scheme Administration) Regulations 1996, SI 1996/1715, reg 22. This Practice Note centres on that obligation.

From 6 April 2024, trustees of defined benefit (DB) occupational pension schemes must also appoint a chair, who must report on the scheme’s funding and investment strategy to the Pensions Regulator (TPR). This arises under the Pension Schemes Act 2021 (PSA 2021) and supporting regulations. For more detail, see: Trustee chair requirement for DB schemes, below. PSA 2021 further widens the notification Requirements applying to trustee chairs. For further information, see: Notification requirement, below.

What is a relevant scheme?

As noted above, the duty to appoint a chair applies to schemes that fall within the statutory meaning of “relevant scheme” (which includes “relevant multi-employer schemes”)...

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Web page updated on 22/05/2026

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