The Pension’s Authority published the final version of their Code of Practice for Trustees of occupational pension schemes in November 2021. The Code of Practice requires Trustees to conduct critical reviews of both Investment Services and Administration Services at least every three years. The purpose of the critical review is to consider whether to retain or possibly replace the existing service provider, and a summary of the process undertaken and the reasons for the final decision must be clearly documented.
At Acuvest, we have always been firm proponents of the importance of independent advice. In relation to critical reviews for occupational pension schemes, our viewpoint aligns closely with the guidance provided in the Pensions Authority’s Code of Practice.