Now is the perfect time for trustees to take a step back and honestly assess how effective they are as The Pensions Regulator's (TPR) new (combined) code of practice (the new code) comes into effect.

TPR believes that good governance is the bedrock of any well-run pension scheme.

Most trustees juggle complex pensions issues with competing demands, so making best use of their valuable time is essential in ensuring that they are focusing the right amount of time and resource on strategic priorities.

Some trustees might think their time could be better spent focusing on other scheme issues. However, a periodic review of how the trustees operate collectively will be time well spent in demonstrating they have a well-run scheme.

This is not about personal assessment but about how they work collectively – optimising the time they have together and how they collaborate with their advisers to achieve their strategic aims.

A well-structured trustee effectiveness review should identify any issues and provide trustees with an opportunity to understand the root-cause and take remedial action.

Even small changes to the way trustees operate can have a significant impact on the quality and speed of their decision-making and ensure actions are being followed through to conclusion.

Under the new code schemes will need to have an effective system of governance in place.

Taking time to assess their own effectiveness is pivotal in trustees gaining confidence they are operating effectively within a wider review of their systems of governance.

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