"Code of practice": 1. Relevant published and authoritative guidance not having direct legal effect. Codes of practice are not statements of law and there is no direct penalty for failing to comply with them, but courts and tribunals will take any relevant codes of practice into account when making legal decisions. Sometimes known as codes of conduct. 2. A Code of Practice is a document issued by the UK Pensions Regulator providing practical guidelines on the requirements of pensions legislation and setting out standards of conduct and practice expected of those who must meet these requirements.