The Pensions Regulator (TPR) has launched a consultation on its draft code of practice to help public service pension schemes to meet governance requirements set out in legislation.

The regulator's role was expanded in the Public Service Pensions Act 2013 in respect of the governance and administration of public service schemes, and from April 2015 it will set standards of practice to help schemes meet requirement set out in legislation.

TPR is also consulting on a draft regulatory strategy on how it will help public service schemes meet the standards of practice outlined in the code.

Andrew Warwick-Thompson, TPR executive director for defined contribution (DC), governance and administration said: "Our aim with this consultation is to gain views on whether the standards of conduct and practice expected are appropriate and sufficiently clear for those involved in running and managing public service pension schemes, in order to comply with the underlying legislation.

"Good governance and administration is essential to ensure that retirement savers receive the right benefits at the right time. It should also improve the efficiency of public service schemes and make them more cost effective for employers, including Government departments and local authorities."

The consultation will run until 17 February 2014 and it is anticipated that the code of practice will be laid before Parliament in the autumn of 2014.

First published 11.12.2013

monique_simpson@wilmington.co.uk