Code of practice 02
Notifiable events
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Introduction
- This code of practice is issued by the Pensions Regulator, the body that regulates work-based pension arrangements (occupational pension schemes, stakeholder pension schemes and certain aspects of personal pension schemes which have direct payment arrangements, whereby the employer pays contributions on behalf of the employee).
- The Pensions Regulator's objectives are to protect the benefits of pension scheme members, to reduce the risk of calls on the Pension Protection Fund, and to promote the good administration of work-based pension schemes.
- The Pensions Regulator has a number of regulatory tools, including issuing codes of practice, to enable it to meet its statutory objectives.
- Codes of practice provide practical guidelines on the requirements of pensions legislation and set out the standards of conduct and practice expected of those who must meet these requirements. The intention is that the standards set out in codes are consistent with how a well-run pension scheme would choose to meet its legal requirements.
The status of codes of practice
- Codes of practice are not statements of the law and there is no penalty for failing to comply with them. It is not necessary for all the provisions of a code of practice to be followed in every circumstance. Any alternative approach to that appearing in the code of practice will nevertheless need to meet the underlying legal requirements, and a penalty may be imposed if these requirements are not met. When determining whether the legal requirements have been met, a court or tribunal must take any relevant codes of practice into account.
Other relevant codes
Users of this code are also likely to find relevant the code of practice on reporting breaches of the law and the codes on late payments, and funding defined benefit schemes.
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