The Pensions Regulator's new code of practice for defined contribution (DC) schemes is now in force.

The code, which came into use on 28 July, sets out the standards that pension trustees need to meet to comply with legislation.

It applies to all schemes offering money purchase benefits.

TPR intends the new code to be accessed primarily online and has updated its website the reflect the code's structure.

There are six sections in the code: The trustee board, scheme management skills, administration, investment governance, value for members, and, communicating and reporting.

TPR says revising the code is a response to feedback from the pensions industry to shorten and simplify it, focusing more on legislative requirements.

Executive director for regulatory policy at TPR, Andrew Warwick- Thompson, said: "Millions of people are being auto-enrolled into DC pensions, so it's essential that schemes are being managed to a high standard."

"The new code clearly sets out our expectations of trustees and what is required of them to comply with legislation, including the most recent changes in law."

The new code is being published in a dynamic and user-friendly way, Warwick-Thompson said, giving users the ability to navigate directly from the code to relevant legislation and companion guidance online.

TPR has produced a supporting guide for each section of the code, providing detail on how trustees can meet those standards in practice.

It has also produced a tool to help trustees to assess their scheme against the standards in the code, so that they can identify areas requiring improvement.

The Pensions Administration Standards Association (PASA) welcomed the new code.

Sara Cook, PASA director, said: "We are pleased TPR has again emphasised that good administration plays an important part in supporting good member outcomes and recommends Trustees question their administrators on whether they have accreditation, such as that offered by PASA."

First published 04.08.2016

Lindsay.sharman@wilmingtonplc.com