The trustees of occupational pension schemes providing defined contribution (DC) benefits are required to prepare an annual government signed by their chair.
The Pensions Regulator (TPR) expects the Chair’s statement to “…provide a meaningful narrative of how, and the extent to which, the governance requirements have been complied with.”
The Chair’s statement forms part of the scheme’s annual report and accounts. New regulations that came into force on 6 April 2018 require additional information in relation to investment charges and core transaction costs to be made available online to members via the Chair’s statement.
From 1 October 2019, pension scheme trustees are required to set out in their Statement of Investment Principles (SIP) how they take into consideration financially material considerations and stewardship, including (but not limited to) environmental, social and corporate governance (ESG) factors. In accordance with the requirement to disclose this on a publicly available website, the SIPs for the three pension schemes are available below