Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Governance definition

What does Governance mean? Governance, in pensions practice, describes how a trustee board organises itself and exercises oversight, decision-making and control over an occupational pension scheme to meet legal and fiduciary duties. It encompasses the scheme’s structures, policies and internal controls, and how trustees delegate to and supervise advisers, administrators and asset managers, monitor performance, manage risk and record decisions. The term is descriptive rather than a defined legal term, but key governance requirements are prescribed in legislation and regulatory codes. In the UK, the Pensions Act 2004 and scheme administration/governance regulations, together with The Pensions Regulator’s General Code, require an effective system...

UK DC Workplace Pensions Governance: Occupational and Personal Schemes, Master Trusts, Value for Members, Charge Controls, IGCs, TPR/FCA Roles and Complaints

Published by a LexisNexis Pensions expert

Practice notes

The rise of DC governance

Driven by automatic enrolment (which obliges employers to provide some pension provision for their staff) and the expense and regulatory burden of defined benefit (DB) arrangements, workplaces have increasingly shifted towards defined contribution (DC) benefits. DC schemes deliver money purchase benefits, as set out in the Pension Schemes Act 1993, s 181 (see Practice Note: Money purchase benefits—the statutory definition). In contrast to DB schemes, DC arrangements fix the contributions paid by employers and employees, but the benefits themselves are not predetermined. Outcomes chiefly depend on the level of contributions from both parties, the investment performance of those contributions, and the scheme’s charges. For employers, costs are steadier and more predictable, because employees shoulder the risk that benefits may fall short if investments underperform. However, the DC workplace market’s development did not secure minimum quality standards for DC members, prompting worries about members’ retirement outcomes. Accordingly, there has been a mounting regulatory effort to ensure that DC workplace pension schemes are governed effectively, with a focus on minimum quality standards and better retirement outcomes for DC members. Benefits also depend on contributions paid in, the investment growth achieved, and the charges applied by the scheme...

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Web page updated on 22/05/2026

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