What Trustees can do to help protect members from pension scams

pension scams

Pension Scams Throughout the COVID-19 pandemic, there has been an ever increasing number of pension scams targeted at members and their pension pots. As furlough begins to end, members may be more inclined to look at ways to cash in their pension early and this is a potential ‘gold mine’ for pension scammers. We have…

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What have we learnt upon completion of an AAF 01/20 report?

aaf 01/06

What have we learnt upon completion of an AAF 01/20 report? The AAF 01/20 replaced the well-established AAF 01/06 and became effective for periods beginning on or after 1 July 2020. The concept of producing an AAF 01/20 report remains consistent however control objectives have been updated to place more reliance on IT controls and…

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Helping you transition to the new AAF 01/20

aaf 01/20

New AAF 01/20 The new AAF 01/20 assurance report has been developed to enable third party administrators to get independent assurance over relevant control activities. AAF 01/20 replaces AAF 01/06 and is effective for periods beginning on or after 1 July 2020. The report is needed as many pension schemes outsource aspects of their pension…

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AAF Best Practice Guide: How to budget time and cost for AAF work

AAF best practice

Assurance reporting can be painful for many individuals and may be the last thing you want to think about and plan for amongst countless other tasks. Pain points of planning ahead for your AAF report we have highlighted may include time consumption, unreliability, uncontrollability, a waste of time and many more! This is why we’ve…

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Trends: What’s coming up in Audit and Assurance

audit assurance

Corporate governance and audit reform are key areas that will lead to a change in assurance approaches. “A significant package of reform” is how Sir Jon Thompson, CEO of the FRC (Financial Reporting Council) described the important ‘Restoring trust in audit and corporate governance’. White Paper by the BEIS (Department for Business, Energy & Industrial…

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Top 10 tips for Best Practice in Maintaining your Risk Register

risk

As a Trustee you have the responsibility to manage and minimise risks which may arise when running a pension scheme. By maintaining a risk register it enables you to identify risks which are required to be managed. The main focus for Trustees is to ensure that members’ benefits and scheme assets are not put at…

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Master Trust TECH 05/20 AAF and the Master Trust Supervisory Return

Master Trusts

Master Trust TECH 05/20 AAF and the Master Trust Supervisory Return Master Trusts continue to grow as a ‘product of choice’ for employers meeting their automatic enrolment duties, there is now a legal requirement for all Master Trusts to be authorised with the Regulator undertaking ongoing supervision and oversight. Master Trust Technical Release has been…

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Have You Pledged to Combat Pension Scams?

pension scams

Have You Pledged to Combat Pension Scams? Pension schemes have lost a total of £31 million to scammers since 2017. On a more personal level, victims of these scams lose an average of £82,000 when targeted, an amount that could take 22 years to build up in a pension pot. To combat these scams The…

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Cybercrime guidance from PASA for pension administrators

cybercrime

Cybercrime guidance from PASA for pension administrators With millions of people’s pension data kept by pension administrators, the new Cybercrime guidance from the Pensions Administration Standards Association (PASA) is very welcome. The four critical areas covered are: Meeting legal and regulatory standards Understanding an organisation’s vulnerability to cybercrime Building and maintaining resilience Continuing critical functions…

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