Responsibility for the governance of money purchase schemes is shared between TPR, which oversees trust-based schemes and the FCA, which regulates contract-based schemes

The governance standards require schemes to:

• Explain how they meet the requirements for having, or having access to, sufficient knowledge and understanding to effectively run the pension scheme;
• Ensure the core scheme financial transactions are processed promptly and accurately;
• consider whether the costs and charges borne by members represent good value; and
• Preparing a statement of investment principles for the default arrangements and ensuring that the strategy and performance are reviewed at least every three