Governance and administration
The areas of governance and administration that you need to focus on to ensure that your defined benefit pension scheme is well run.
Scheme governance and controls You must establish and operate internal controls that enable you to identify, evaluate and manage the risks that relate to your defined benefit pension scheme.
Record-keeping One of the important tasks for a trustee of a defined benefit pension scheme is to ensure good record-keeping and to have internal controls. This will help to ensure that data is up to date, complete and accurate.
Contributions As part of the valuation process for your defined benefit pension scheme, you need to work with the employer to set their contribution rate. You must prepare and maintain a schedule of contributions and check that the employer makes the correct payments.
Providing information to members You must make certain information available to members, prospective members and other people entitled to benefits under your defined benefit pension scheme.
Working with advisers Make sure you have the right people to help you run and make appropriate decisions about your defined benefit pension scheme.
Conflicts of interest You must identify, monitor and manage any conflicts of interest of those involved in running your defined benefit pension scheme.