The PASA DC Working Group (DCWG) today published updated Guidance on DC Governance. The original Guidance was published 4 years ago and a lot has changed since then, with more in the pipeline. This everchanging landscape reinforces the need for practical and objective Guidance to trustees, employers and administration providers.
Lesley Carline, Chair of the PASA DC Working Group, commented: “Good DC administration isn’t the sole responsibility of the administration provider. Oversight and governance is at three levels – the administration provider, the employer and either trustees or Independent Governance Committees (IGCs).
This Guidance provides a useful resource on what’s expected from all parties in the administration process, specific to their pension arrangement type. It focuses on six key areas – Data, Transitions, Decumulation, Reporting, Controls and Procedures and the Chair’s Statement – which is an entirely new addition to this version of the Guidance.
The next 18 months will see further changes in the DC pension industry we will continue to refresh this document as details are confirmed.”
The ‘PASA DC Governance Guidance’ can be found here.