All pension savers deserve to be in schemes that are well run, well governed, and deliver value.

That’s why we’ve launched two initiatives that trustees of defined contribution schemes should be prepared for.

The first is to check trustees of schemes with assets under management of less than £100m are complying with value for members (VFM) regulations, which came into force in October 2021.

This follows our survey of DC schemes last year, which found just 17 per cent of those required to complete the VFM assessment had done so and, worryingly, 64 per cent were unaware of this statutory obligation.

We will also check whether trustees of schemes with at least 100 members (unless exempt) have published a Statement of Investment Principles (SIP), which details policies controlling scheme investments, including consideration of financially material environmental, social and governance (ESG) factors.

Trustees must also publish an Implementation Statement (IS) – which shows how the principles in the SIP have been implemented. A review of a cross-section of SIPs and ISs will follow in the summer.

We will share the outcome to highlight good practice. These two initiatives are a clear demonstration of TPR’s commitment to put the saver at the heart of what we do.

Trustees know our expectations and now need to take the initiative and deliver the outcome savers deserve.

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