A recent survey conducted by WTW has shown that most UK pension schemes are not overwhelmed by the new requirements of the General Code, with only 1% of respondents expecting significant changes to comply with it.

The WTW 2024 Trustee Governance Survey — of 132 trustees, pension managers, and other stakeholders in March and April 2024 – has shed light on the evolving landscape of pension scheme governance in response to the newly implemented General Code, which came into effect in March 2024.

It focuses on understanding how pension schemes are adapting their governance strategies to meet both the new expectations and the proportionality flexibilities of the code

The main survey finding suggests that the majority of trustee boards in the survey are already operating with robust governance frameworks that require only modest modifications to meet the new standards.

Jenny Gibbons, head of trustee governance at WTW, said: “Despite some trepidation before the final code was published, in fact the majority of schemes are well on their way to compliance, with most requiring only minor to moderate adjustments. This is a testament to the strength and adaptability of the existing governance frameworks within these schemes.”

This is a positive advancement since WTW’s previous research in February showed that a quarter of UK pension schemes had not yet completed a gap analysis of the General Code requirements or started to construct a plan of action to remedy their shortcomings.

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