Assure UK Welcomes Workers Pension Trusts Successful Authorisation

Leading audit and assurance provider, Assure UK worked with Workers Pension Trust on the Systems and Processes and Fit and Proper Person Checks to successfully obtain Master Trust Authorisation on 27 August 2019 by The Pensions Regulator (TPR). Workers Pension Trust brings the number of authorised schemes in the market to 20 and is the…

Read More

Assurance Reporting Benefits

The Benefits of Assurance Reporting The key benefit of assurance reporting is peace of mind for the reports recipient. There are different types of assurance reports. They can be for internal and external use, and the reports provide confidence to stakeholders in regards to the systems and processes your business has in place. These reports…

Read More

Chairman’s Statement – New Disclosure Requirements

Summary and Solution Trustees of schemes providing defined contribution (DC) benefits are required to prepare an annual governance statement (known as a ‘Chair’s Statement’) within seven months of the scheme year end. Failure to do so can result in fines, negative publicity and enforcement action. The new requirement came into force on 6 April 2018,…

Read More

Master Trust External Testing

Master Trust external testing for authorisation covers more than you may think… There are more external testing and evidence requirements than you may think to meet the authorisation submission requirements for the Pension Regulator by 31 March 2019. This is because the Systems and processes questionnaire has 5 items (4d, 4e, 7a,7b,7c) that were not…

Read More

Board Effectiveness Considerations for Master Trusts Facing Authorisation

Board effectiveness and knowledge amongst the master trust Scheme Trustees (ST), Scheme Strategist (SS), and Scheme Funder (SF) are potential problematic areas. They form part of the Systems and Processes requirement section 10. Trustee governance, 11. Managing service providers, 12. Risk management and 15. Communicating with members together with the ST, SS and SF skills…

Read More

Getting ready for master trust authorisation:  Code of Practice 15

The Code of Practice 15 (CoP 15) laid before Parliament in July 2018 makes clearer the updated requirements for master trust authorisation 1 October 2018 to 31 March 2019. These combined with the Pensions Regulator (TPR) August responses from the June Readiness Review can give the insight needed to pinpoint what may be missing from…

Read More

Are You Ready for Master Trust Code of Practice 15?

The follow-up draft code with more information on how master trusts can achieve authorisation is now open for consultation with the closing date 8 May 2018. The question is: “Are you ready?” There are 5 authorisation criteria to achieve: Fit and proper Systems and processes Continuity strategy Scheme funder Financial sustainability of a business plan.…

Read More

Coping with the Demands of Assurance: How to Reduce Cost and Improve Effectiveness – Part 2

Agreed upon Procedures A business may commission an “Agreed upon procedures” report, specifying a range of controls on which they wish to receive assurance that they are operating effectively. This may be used in response to requests from potential clients who would like re-assurance that certain controls on which they are reliant are effective. Internal…

Read More