Producing the Chair’s statement: what can go wrong
26 September 2019
Many schemes providing DC benefits must prepare an annual governance statement (the Chair’s statement).
Over time, new content requirements have been introduced, and the Pensions Regulator (TPR) continues to add to its guidance and to impose fines for non-compliance. What areas should trustees focus on to reduce the risk of fines, and what should they do if a statement is found wanting? Our guide outlines some common pitfalls when drafting the statement, and factors to consider if a penalty notice is received.