Call us on 020 7112 8300
Call me back Get in touch

Blogs & Insights

AAF 01/20 replaces AAF 01/06 in 2020!

AAF 01/20 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 can be found in […]

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 […]

Chairman’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, […]

Master 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 […]

Board 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 […]

Getting 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 […]

Supervision 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 […]

PRAG Guidance: How Cybercrime affects Pension Schemes

The Pensions Research Accountants Group (PRAG) has published new guidance to assist trustees of pension schemes, the pension sector organisations that support them and their advisers, about the holistic protection that is needed to minimise the damage which can be caused by cybercrime. The Pensions Regulator has also just issued guidance for trustees on the “Cyber […]

Are 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. […]