The Pensions Regulator

• This code sets out the regulator’s expectations of how occupational pension schemes should satisfy the legal requirement to have adequate internal controls in place.
• The ultimate responsibility to establish and operate internal controls rests with the trustees.
• This code provides guidelines in terms of how the regulator views the implementation of adequate internal controls by trustees.
• It is not the intention for the code to provide a prescriptive list of internal controls.
• The code provides a high level, risk based approach which trustees may wish to follow when assessing the adequacy of their internal
  controls environment.
• A risk based approach enables trustees to focus on the key risks requiring adequate internal controls.

In this code of practice, references to the law that applies in Great Britain should be taken to include corresponding legislation in Northern Ireland; an annex lists the corresponding references.