In November 2019 the Trustee carried out a detailed review of the Plan’s compliance with the Pensions Regulator’s Code of Practice 13 and supporting guidance for DC schemes schemes. The assessment considered all six sections of the code:

  1. The Trustee Board
  2. Scheme Management Skills
  3. Administration
  4. Investment Governance
  5. Value for Members
  6. Communicating and Reporting

The Trustee considered the operation of the DC aspects of the DHL Group Retirement Plan and assessed whether there are any areas that fall short of the legal requirements and the Regulator’s expectations. We are delighted with the results of this review as summarised in the table below.

Despite these excellent results, we continue to work with our advisers to ensure that our governance standards are maintained and, where appropriate, enhanced.

The review was undertaken in conjunction with Willis Towers Watson, the Plan’s independent DC Consultant. Willis Towers Watson advised that these are excellent results and demonstrate that the Plan is very well run. Plan performance is considered each year against these benchmarks, and the next detailed review will take place later in 2021.