Pension Trustees: Scheme Member Documents

Trustees of ‘relevant schemes’ providing defined contribution (DC) benefits are required to prepare an annual governance statement known as a Chair’s Statement containing prescribed information within seven months of the end of the scheme year with the aim to help members achieve a good outcome from their pension savings. The statement covers a number of specific areas:

1. Governance of the investment funds (including the default arrangement and any other options)
2. The processing of core financial transactions
3. Charges and transaction costs, including an illustration of the cumulative effect of those costs
4. Value for members
5. Trustee knowledge and understanding