delete The Pensions Act 2004 (Code of Practice) (Governance and Administration of Occupational Defined Contribution Trust-Based Pension Schemes) Appointed Day Order 2013
This Order appoints 21st November 2013 as the day on which the Pensions Regulator's Code of Practice No. 13 (Governance and administration of occupational defined contribution trust-based pension schemes) comes into effect. It is a procedural appointed day Order bringing an existing Code of Practice into force.
This is a ministerial procedural Order that merely activates a Code of Practice. Codes of Practice, while technically non-binding guidance, create de facto compliance standards that increase administrative burdens on pension scheme trustees, raise costs for scheme operation, and can drive unnecessary consolidation of smaller schemes. The governance requirements in such codes often reflect bureaucratic box-ticking rather than genuine protection of beneficiary interests. A free market approach would rely on scheme documents, trust law, and contractual arrangements to govern scheme administration without state-issued behavioral codes that distort trustee decision-making.