Relevant Trustee Supplement to AAF 02/07
We can help your independent trustee organisation achieve AAF accreditation
The Pensions Regulator has the power to appoint independent trustees to act for pensions schemes on expedient or protective grounds, to ensure that schemes are properly administered and members are protected.
For an independent trustee to be considered for such an appointment, the Pensions Regulator must be satisfied that the independent trustee operates, and continues to operate, ‘sound administrative and accounting procedures’, in relation to their own business affairs.
The Pensions Regulator has developed an assurance reporting framework with the Institute of Chartered Accountants in England & Wales (ICAEW) as a supplement to the AAF 02/07 assurance framework. In order to join or stay on a register of independent trustees maintained by the Pensions Regulator, an independent reporting accountant must report on the relevant procedures at the independent trustee which is submitted as part of the trustee register application pack for consideration by the Pensions Regulator.
Our Pension Funds team are well placed to help independent trustees successfully achieve this AAF accreditation as their independent reporting accountant. Andrew Penketh, Head of Pension Funds, was a member of the working party which developed the Relevant Trustee Supplement to AAF 02/07 and Phil Spary, a Director in our Pension Funds team, was responsible for designing and delivering the framework while working at the Pensions Regulator. Andrew is also involved in the development of these assurance standards issued by the ICAEW Audit & Assurance Faculty (AAF).
Through our knowledge of the Relevant Trustees Supplement to AAF 02/07 and our experience in already helping a number of independent trustees achieve AAF accreditation, we are well positioned to help your independent trustee organisation achieve this AAF accreditation.