Angela Rayner – 2016 Parliamentary Question to the Department for Work and Pensions

The below Parliamentary question was asked by Angela Rayner on 2016-02-22.

To ask the Secretary of State for Work and Pensions, what plans he has to review the governance arrangements of pension funds.

Justin Tomlinson

The draft Occupational Pension Schemes (Scheme Administration) (Amendment) Regulations 2016 laid before Parliament on 1 February, include a review provision as required by the Small Business, Enterprise and Employment Act 2015 which will oblige the Secretary of State to carry out reviews at least every 5 years of all the governance requirements for occupational pension schemes covered in Part V of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 as amended by this instrument. Subject to Parliamentary approval the draft 2016 Regulations will come into force on 6 April 2016. We will consider in due course how this review would work in practice.

On the governance of workplace personal pension schemes, the Financial Conduct Authority propose to carry out a review of the effectiveness of independent governance committees in 2017.