Defined Contribution Governance and Assurance

We help trustees and providers develop governance and assurance plans based on regulatory best practice guidelines

As Auto-enrolment continues to gain momentum, there is increased focus on standards of governance and administration especially in the defined contribution (DC) sector. One of the key mandates for government, the Pensions Regulator, and the Financial Conduct Authority, is to ensure that individuals defaulting to savings plans join schemes that offer value for money that are well governed.

The Pensions Regulator has clearly set out its expectations in respect of quality features that should be present in an occupational trust based scheme in their DC code of practice and regulatory guidance. While the Department for Work & Pensions and Financial Conduct Authority will be introducing new mandatory quality standards which came into effect from April 2015.

It is important that those responsible for running workplace pension schemes are prepared for new regulatory changes and have appropriate governance arrangements in place to deliver better outcomes for scheme members.

A key factor will be the level of comfort management has over the suitability of systems and controls that underpin governance arrangements.

Our Pension Fund team provides internal controls related assurance services that enable third party administrators and independent trustees to achieve AAF accreditation. Additionally, following the introduction of the Master Trust Assurance Framework in May 2014, we were the first firm to provide this assurance service.

Given the specialist knowledge of our team, we are uniquely placed to help both trustees and providers develop governance and assurance plans that draw on regulatory best practice guidelines that enable robust management reporting and disclosure. We understand the complexities of DC governance and are able to offer bespoke services to assist with the implementation and testing of governance arrangements.

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