The chair of trustees of schemes with money purchase benefits must sign an annual governance statement and attach it to the annual scheme accounts. The chair's statement must be submitted within seven months of the end of the scheme year i.e. the accounting year.
It is common for a scheme year end to occur in March or April, so schemes that have not yet complied will be running out of time. For example, if a scheme's year end occurs on 31 March, the deadline for submitting a chair's statement this year will be 31 October 2016.
The Pensions Regulator has issued warnings about compliance. It has recently imposed the maximum fine of £2,000 for each of three schemes, following Pitmans Trustees Limited's failure to prepare chair's statements.
We can assist you in preparing your chair's statement to ensure compliance and avoid reputational risk.
Read our guide 'DC Governance: New Chair's statement' and get in touch to ensure your scheme is compliant.
This publication is intended for general guidance and represents our understanding of the relevant law and practice as at October 2016. Specific advice should be sought for specific cases. For more information see our terms & conditions.