The full impact of the April 2015 "freedom and choice" reforms for DC pension schemes is becoming clearer. Trustees will need to set aside significant time to prepare. Elements of this work will also help demonstrate the scheme's compliance with DC Code quality features.

This checklist by Allen & Overy LLP (from their DCHQ online series) outlines five key actions to consider at present and shows where trustees can achieve efficiencies by linking up with their DC Code scheme reviews and other regulatory developments, including new governance and reporting requirements which are to be introduced from 6 April 2015.

For more about the reforms, see Practice note, DC pension flexibility: overview.