Are your DC members getting value for money?

Trustees of schemes providing defined contribution (DC) benefits are required to prepare an annual governance statement (known as a ‘Chair’s Statement’) within seven months of the scheme year end. Failure to do so can result in fines, negative publicity and enforcement action.

The DC Code requires trustees to assess the value received by members during the scheme year and the influence this could have on future outcomes. Further, there is now significant regulatory and media focus on the fact that many members are not being effectively supported to make the right decisions when it comes to accessing benefits flexibly – or safely (e.g. protection against pension scams).

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