Statement regarding DC governance
For the year ended 31 December 2024
It is with great pleasure that I present this statement to the members of the Capital Incentives & Motivation Pension Scheme.
This statement will be updated annually and will appear in the Scheme’s accounts and published online.
Governance
The Trustees review and assess the Scheme’s systems, processes and controls against key governance functions for consistency with those set out in the Pensions Regulator’s Code of Practice 13 (Governance and administration of occupational trust-based schemes providing money purchase benefits) and Regulatory guidance for defined contribution schemes. This includes further legislative updates made in 2018 in respect of additional disclosure requirements.
Given the nature of the DC Section, the Trustees believe that, on the whole, the standards of practice set out in the DC code and DC regulatory guidance are maintained. These standards help to demonstrate the presence of DC quality features which the Trustees believe will help to deliver beneficial outcomes for members at retirement.In particular, the Scheme is governed through meetings, maintaining recommended governance documentation (which is reviewed regularly), making all required reports to the Pensions Regulator and by seeking training opportunities to ensure there is sufficient knowledge and understanding to fulfil the role of each trustee. Whenever making decisions in relation to the Scheme, the Trustees considers the powers and provisions set out in the Scheme’s rules and seeks advice wherever appropriate.
The Trustees have the appropriate levels of trustee knowledge and understanding required to effectively run the Scheme with good governance. In particular, they have completed the online Trustee Toolkit and revisit modules to refresh their knowledge periodically as necessary, they receive training and are encouraged to identify gaps intheir knowledge, and they keep up to date with developments in the DC landscape and new guidance issued by the Pensions Regulator. The Trustees ensure that they are conversant with the Trust Deed and Rules and the powers granted to them. The Trustees are supported by the Scheme’s advisers who have been involved for a number of years.
To read the statement in full, please click here.
Lee O'Connor, Chair of the Trustees