Wednesday 27 January 2016: Today, the Pensions Authority has published the first tranche of the Authority’s Codes of Governance for Defined Contribution Schemes (DC codes).
The DC codes were launched at a Pensions Authority seminar in Dublin today attended by over 300 people representing trustees, registered administrators, providers and advisors from the pensions sector.
Over the course of 2016, the Authority will issue several codes of governance to help trustees meet the standards of practice that the Authority expects in occupational Defined Contribution trust-based pension schemes.
The first three codes cover:
- Governance plan of action
- Trustee meetings
- Managing conflicts of interest
The Irish pensions industry currently holds assets worth approximately €90 billion, which represents the retirement savings of more than 900,000 people.
Speaking at the launch of the DC codes today, Grace Guy, Head of Legal at the Pensions Authority outlined: “Good governance is key to delivering good member outcomes, and the codes are intended to inform and assist trustees in meeting this objective. These codes of governance set out the standards of behaviour that the Authority would expect trustees to adopt to demonstrate their commitment to serving the best interests of members and other beneficiaries.”
The DC codes are available on this page under Related Documents.
ENDS
For further information, contact:
David Malone
Head of Operations and Communications
The Pensions Authority
Tel: (01) 613 1900
Note to Editors
The Pensions Authority is the statutory body established by the Pensions Act, 1990 to regulate occupational pension schemes, trust based RACs and Personal Retirement Savings Accounts (PRSAs).
