Posts Tagged ‘assurance’
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 MoreThe Benefits of Assurance Reporting
What is Assurance reporting? Assurance is provided to give its recipients ‘piece of mind’. There are different types of assurance reports, they can be for internal and external use, the reports provide confidence to stakeholders in regards to the systems and processes your business has in place. These reports highlight how risks are being managed…
Read MoreChairman’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 MoreMaster 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 MoreBoard 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 MoreGetting 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 MoreSupervision of Master Trusts and Enforcement Policy Consultation From the Pension Regulator
On 26 July 2018 the Pensions Regulator (TPR) published a draft policy for consultation on the future monitoring of pension trusts. This came shortly after a slightly amended draft Code of Practice 15 (the CoP15) for the authorisation of master trusts was laid before Parliament. The key planks are the six months window from 1…
Read MoreAre 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 MoreCoping 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. …
Read MoreCoping with the Demands of Assurance: How to Reduce Cost and Improve Effectiveness – Part 1
The demands on businesses to provide assurance to stakeholders that they are effectively managing their risks has grown significantly since the financial crisis in 2008, and the responsibilities of Boards of Directors in meeting these demands has been the focus of significant attention. On top of this, the challenges of rapid technological change have seen…
Read More