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Blogs & Insights

The Pension Schemes Act 2021 tells us what we always thought – “there is no free lunch”

Tackling climate change, Protecting pension pots and Funding Defined benefit (DB) schemes are the three key areas highlighted in the blog by David Fairs, Executive Director of Regulatory Policy, Analysis and Advice at TPR (The Pensions Regulator). Climate change “Unfortunately, in this area, as in most if not all areas of life, there is no […]

Great to see so many responding to TPR’s first DB code of consultation on DB funding

In January 2021, the Pensions Regulator (TPR) published its first response to its first defined benefit (DB) code of consultation on improving funding pension schemes that will lead to new legislation. There were over one hundred responses with thousands of comments. 32% of responses were from pension advisers and 21% were from pension trustees, with […]

Cybercrime guidance from PASA for pension administrators

Cybercrime guidance from PASA for pension administrators With millions of people’s pension data kept by pension administrators, the new Cybercrime guidance from the Pensions Administration Standards Association (PASA) is very welcome. The four critical areas covered are: Meeting legal and regulatory standards Understanding an organisation’s vulnerability to cybercrime Building and maintaining resilience Continuing critical functions […]

Assurance reporting on Master Trusts (TECH 05/20 AAF)(05/20) provides more guidance on Trustee requirements

This new technical release provides guidance on the performance of assurance engagements on governance control activities established by trustees of Master Trusts. It is effective for reporting periods beginning on or after 31 March 2020. Early adoption of the guidance is encouraged. This replaces previous assurance reporting on master trusts (TECH 12/16 AAF) with updated […]

New AAF 01/20 replaces AAF 01/06

New AAF 01/20 replaces AAF 01/06 The keenly awaited update for AAF 01/06 became available in January 2020 with Control Objectives for administrators, investment managers and other data recording industry. Technical release AAF 01/20 replaces AAF 01/06 reporting for periods beginning on or after 1 July 2020. Early adoption is encouraged. The revised Control Objectives […]

New DC governance code consultation: a comparison with the master trust assurance framework

“I now call on this audience to respond to the consultation to help ensure the code is as useful as it can be in assisting delivery of the high standards of governance and administration required to safeguard members’ retirement savings.” – Andrew Warwick-Thompson, Executive Director at The Pensions Regulator (TPR) The Pensions Regulator published on 24 […]

Renewable Heat Incentive: New Sustainability Audit Guidance for Participants and Auditors

Ofgem has issued Non-Domestic Renewable Heat Incentive (RHI): Sustainability Guidance for Participants and Auditors since some participants will need to have their submissions annually audited. Affected participants are all biomass and biogas participants who are ‘self-reporting’ and have an installation of 1MWth and above, and all biomethane participants. From 5 October 2015 the government introduced […]

Better Assurance – How to Escape from “Audit Groundhog Day”: Idea 2: Co-produce IT!

The diagram below is a well-known COBIT framework of IT Governance and Control. It sums up all the key areas that Board of directors have to put in place and carry out in order for their organisation to thrive. What can auditors do to help make this happen? What must auditors stop doing in order […]