The TPR have issued their response to the recent consultation and their next steps are to:
1. Trustee knowledge and understanding: • To review and update TKU expectations in the code and related guidance. • To review the Trustee toolkit and identify areas of improvement, subject to budget and resource constraints. • We plan to consult on changes to TKU code content and provide an update on our Trustee toolkit to refect that content review in the early part of 2021.
2. Scheme governance structures: • To establish and lead an industry working group to develop guidance and practical tools, amongst other things, to support schemes in taking steps to improve diversity and inclusion on boards. • Support the APPT in the development of an industry code for sole trusteeship. • Commission further research to identify drivers for seeking, and the risks of, a sole trustee on schemes.
3. DC consolidation: • We will continue to monitor DC consolidation activity and work with both industry and the DWP to fnd solutions to overcome barriers to consolidation