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Codes of practice
Code of practice 09
Internal controls
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The code of practice
Obligation on trustees
- Section 249A of the Pensions Act 20042gives effect to the requirement under Article 14(1) of the European Directive 2003/41/EC3 that schemes should have adequate internal control mechanisms in place. There is therefore a legal requirement in the Pensions Act 2004 that
trustees of an occupational pension scheme must establish and operate adequate internal controls. - The Regulations4 state that:
“The trustees or managers of an occupational pension scheme must establish and operate internal controls which are adequate for the
purpose of securing that the scheme is administered and managed:- in accordance with the scheme rules, and
- in accordance with the requirements of the law.”
2 As inserted by the Occupational Pension Schemes (Internal Controls) Regulations 2005 (SI 3379)
3 Directive 2003/41/EC on the Activities and Supervision of Institutions for Occupational Retirement Provision
4 The Occupational Pension Schemes (Internal Controls) Regulations 2005 (SI 3379)
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| Related documents |
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| Code of practice 09: Internal controls (PDF) |
| Related pages |
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| Supporting guidance to be read in conjunction with the code: Internal controls guidance |