TKU code of practice comes into effect

It aims to set out practical guidance for trustees on how they can comply with the new requirements of the Pensions Act which came into force in April and ask trustees to be “conversant with their scheme documents”. The code also requires trustees to have “appropriate knowledge and understanding of trusts and pension law and of the principles of funding and investment”. Existing pension scheme trustees will now have six months in which to reach the relevant level of TKU, while new trustees will have six months from the date of their appointment. Although the codes are not statements of ...