Recent changes to a pensions code of practice have been enforced.
The Trustee Knowledge and Understanding (TKU) code from the Pensions Regulator requires scheme trustees to follow pre-set guidelines on their responsibilities.
For example, they are now required to have knowledge of the "essential elements" of certain documentation relating to their scheme.
Trustees must also now use the Trustee toolkit training to ensure their effective running of the pension fund.
Analysis from the Pensions Regulator also suggests that trustee support for the original TKU code, first imposed in 2006, is "widespread".
Pensions Regulator chief executive Tony Hobman said: "We know that the code has worked for trustees and we are building on this progress to enable them to continue to maintain and improve their knowledge and understanding.
"We will continue to encourage trustees to complete the Trustee toolkit modules that are appropriate for their scheme and to seek appropriate additional training wherever they see fit."
Some retirees can be disappointed by the income offered from a workplace pension which has been poorly-run.
A popular way of supplementing retirement income is taking out an equity release plan.
Posted by Richard Planner.
