The U.K. Pensions Regulator is consulting the retirement industry on its proposal to create a new online-based code of practice, the regulator said Wednesday.
The consolidated code, which would encompass updated rules on plan governance and management, would replace 10 other existing codes.
The regulator intends to clarify expectations on retirement plan governing bodies to help them better assess how well their policies address financial and operational risks.
"The new code of practice represents TPR's ambition to create a single point of consistent and up-to-date information for all pension scheme governing bodies," David Fairs, executive director for regulatory policy analysis and advice at TPR, said Wednesday in a news release.
"(The code) will determine how governing bodies should approach governance and administration and provide consistent expectations across different types of scheme, set at a level we consider appropriate for any well-run scheme," he added.
Industry experts agreed a consolidated code is needed.
"We welcome TPR's consultation on the first phase of its consolidated code project, which combines 10 of the existing codes of practice into a web-based 51-module system," Laura Andrikopoulos, head of governance consulting at Hymans Robertson, said in an emailed comment.
Ms. Andrikopoulos praised the regulator for having clarified cybersecurity expectations and requirements of some European laws, such as the Institutions for Occupational Retirement Provision II directive.
Helen Baker, partner at law firm Sackers & Partners, added that the draft code lists legal duties coupled with TPR's expectations of how governing bodies should meet them, which should simplify regulatory obligations for trustees and managers.
The consultation runs until May 26.