Jurisdiction(s):
United Kingdom

Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

Practical guide to compliance planning for SRA-regulated law firms: governance, COLP/COFA, monitoring and breach reporting (England and Wales)

Published by a LexisNexis Practice Compliance expert

Practice notes

This Practice Note looks at compliance planning for law firms. It sets out whether a firm ought to have a compliance plan and, if so, what you might wish to cover. It is aligned with the Solicitors Regulation Authority (SRA) Standards and Regulations. See also Precedent: Compliance plan—law firms.

Is a compliance plan compulsory?

Firms that hold, or are seeking, Lexcel accreditation must maintain a risk management policy that incorporates a compliance plan. By contrast, the SRA Standards and Regulations do not expressly require firms to have a compliance plan.

This differs from the previous SRA regime, under which the SRA plainly anticipated firms would maintain such a plan; guidance to the SRA Authorisation Rules 2011 noted that what a firm’s plan should cover would depend on factors including the firm’s size and character, its work, and its risk profile. That position has not been carried over into the SRA Authorisation of Firms Rules within the current Standards and Regulations. Consequently, it is for each firm to decide whether to create a compliance plan; however, putting one in place demonstrates the firm treats its regulatory duties seriously and, indirectly, will assist with other...

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Web page updated on 21/05/2026

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