Fiduciary management and the General Code of Practice

The Pensions Regulator (TPR) laid its General Code of Practice before parliament in January 2024, amalgamating several existing codes of practice into a single code.

The focus is rightly on strengthening the governance of pensions funds. For many aspects of investment governance, actions are likely to focus on documenting policies and practices which trustee boards are already working to.

It is for pension schemes using fiduciary management (FM) where we see the code leading to one of the biggest step changes in governance. The code is written in general terms and does not explicitly reference FM, but in our view its interpretation is very clear – many pension schemes need to be doing more when it comes to overseeing the performance and activity of their fiduciary manager.

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