Pension Funds: Defined Contribution schemes

Helping work-based pension schemes maintain the highest standards.

Internal audit

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Internal audit

We provide objective and independent assurance that your internal control processes, risk management, and governance are effective.

Our focus is to provide evidence to your stakeholders that effective management is in place and, where improvements could be made, we offer remedial actions and advice.

Internal controls review

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Internal controls review

Your internal controls over the strategic, financial and operational procedures of your organisation should be checking regularly to see if they are delivering to the standards you require.

Our internal controls review assesses whether your organisation operational effectiveness has been achieved. We look at:

  • effectiveness
  • efficiency
  • fiancial reporting standards
  • compliance processes
  • policies

An independent review gives you the assurance that your stewardship is on a solid foundation.

Governance

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Governance

As contract-based schemes are direct arrangements between the employer and the provider offering the scheme, employers need to establish a governance committee to ensure their employees are getting the best possible pension from the provider.

Governance committees do not have the powers of a trustee-based scheme governance board, but they are able to conduct reviews of the work of the scheme provider and to ensure good management and optimal investment choices.

We help guide your governance boards or committees so that they are aware of the regulatory requirements of their schemes, and help them monitor the scheme in place. We can advise on good management practices, give updates on changing legislation, and help them mitigate risk.

Risk advisory

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Risk advisory

We support and guide you in managing risks.

We offer specialist skills in fraud, cyber-risk and guidance for GDPR.

We also assist Pension Funds Trustees in understanding Integrated Risk Management (IRM).

See our full services

Consultancy

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Consultancy

We offer sector-specific advice and guidance on a wide range of issue that concern the good running and efficient management of contract-based Pension Funds schemes.

  • strategic reviews
  • investment strategy
  • guidance on regulatory issues
  • risk management
  • advice on fiduciary responsibilities
  • ethical investment information

We offer in-depth experience at the right level for you.

Pensions SORP

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Pensions SORP

We can explain the new governance statement disclosures and provide assurance services to support your disclosures, particularly around:

  • investment risk disclosures
  • investment hierarchy disclosures
  • annuity valuation
  • transaction costs

We ensure you know the necessary information to be gathered and timeframes, so they can successfully meet the required timescales.

Shona Harvie, one of our Pension Funds Partners, is Chair of the Pensions Research Accountants’ Group (PRAG) Executive Board, a member of the PRAG SORP working party and joint Chair of the PRAG/Investment Management Association working party which worked to develop and implement the new SORP.

AAF accreditation

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AAF accreditation

We can help your organisation achieve AAF accreditation, as your independent Reporting Accountant.

Our assurance reports cover the Master Trust Supplement to AAF 02/07, and also extend to ensuring compliance with the International Standards for Assurance Engagements (ISAE) No. 3402.

Trustees are required to consider and report against quality standards developed by the Pensions Regulator. The master trust assurance framework allows trustees to demonstrate they have established suitable governance controls in accordance with regulatory guidance.

Reporting on internal controls under the assurance framework AAF 01/06 issued by the Institute of Chartered Accountants in England & Wales (ICAEW) has been widely adopted by third party pension scheme administrators. Many pension scheme trustees will not allow a third party administrator to act for their scheme unless the administrator has adopted this reporting standard.

About the Assurance framework

The Assurance framework was developed by ICAEW and the Pensions Regulator. Andrew Penketh, Head of Pension Funds, was a member of the working party that developed AAF 01/06 and chairs the working party that developed the Master Trust Supplement to AAF 02/07. Phil Spary, Director, was responsible for designing and delivering the framework while working at the Pensions Regulator.

About the Assurance Framework

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About the Assurance framework

The Assurance framework was developed by ICAEW and the Pensions Regulator. Andrew Penketh, Head of Pension Funds, was a member of the working party that developed AAF 01/06 and chairs the working party that developed the Master Trust Supplement to AAF 02/07. Phil Spary, Director, was responsible for designing and delivering the framework while working at the Pensions Regulator.

About the Relevant Trustee Supplement to AAF 02/07

The Pensions Regulator has the power to appoint independent trustees to act for pension 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. 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.

About our team

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About our team

Our audit and advisory teams provide the full support your need. We work with the wider specialist groups across the firm to provide you with a full service offering.

We are involved in developing pension scheme accounting standards through our work with the Pensions Research Accountants Group SORP and Investments working parties. Our involvement here allows us to help you review and implement the new pensions SORP requirements for their scheme. We are also active members of ICAEW working parties, which have developed assurance reporting standards for pension administrators, independent trustees and master trusts.

We believe that our of expertise and personal commitment to you is paramount. It results in effective, long value to you.

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4

Government provides pensions funds confidence to invest

Pension funds
Most pensions scheme Trustees and providers will welcome a period of stability. See what else the budget has in store for pension funds.
22 Nov, 2017

Raising the standards of Pension Fund governance

Pension funds
TPR has launched its new campaign to drive up the standards of governance, some schemes are currently not meeting the standards of good governance expected.
14 Nov, 2017
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