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How to avoid pension scams

Part I – Administrators Helping protect your members from scams In the current conditions, the risk of scams is something that administrators need to be aware of. Savers might increasingly look to transfer their pension, prompted by the instability of their employer or the financial markets. This means they could be increasingly targeted by scammers […]

Regulation Changes No Deal Brexit

There is still a great deal of uncertainty regarding Brexit. If you are a business that trades within the EU you should take the time to create contingency plans. These plans should cover a variety of situations including a ‘no deal’ Brexit. Below are some areas we think will businesses should prepare for in the case of […]

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, […]

No Deal Brexit and its Impact on VAT

The government and HMRC have recently updated their ‘partnership packs’. The packs were created with the intention of helping businesses prepare for customs changes in the event of a ‘no deal’ Brexit. The UK is set to leave the EU on 29 March 2019, below are key changes that will affect VAT registered businesses trading […]

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 […]

Do I need to Appoint a Data Protection Officer (DPO) under GDPR?

Data Protection – responsibilities and compliance The requirements of the GDPR are significant, and even if you currently comply with existing regulations, you may need to update your current policies, develop new ones, and ensure that these are properly documented. This will necessitate, time, effort, and costs. “But do I need to appoint a Data […]

Integrated Risk Management

Have you implemented the Pension Regulators guidance on Integrated Risk Management? The Pensions Regulator (TPR) published its guidance on Integrated Risk Management (IRM) in December 2015, and provided a five step guide to aid implementation. A quick integrated risk management guide for smaller schemes was published by the TPR in December 2016, aimed at trustees […]

Service Auditors Should Rethink and Reinvent AAF, ISAE and SOC Evidence Using Data Analytics

Audit quality can be enhanced through using data analytics, and bring about more meaningful and quicker results to benefit the regulator, management and auditors. Data analytics is a practical approach to manage the way data flows through information systems. Consider for instance how AAF, ISAE and SOC internal controls reporting would benefit from an analysis […]

UK Government Confirms its Adoption of the European Union’s GDPR, Post-Brexit – Part 2

Data Protection and Cyber Security The additional data security requirements within the GDPR may require businesses to reassess their own cyber security measures. The “10 steps to Cyber Security”, published by the National Cyber Security Centre, provides detailed guidance on how organisations can protect themselves from cyber security threats, and is a good starting point […]

UK Government Confirms its Adoption of the European Union’s GDPR, Post-Brexit – Part 1

A New Data Protection Bill On the 7th August 2017, the UK government’s Minister of State for Digital, Matt Hancock MP, issued a Statement of Intent confirming that the European Union’s (EU’s) General Data Protection Regulation (GDPR), will be included within the UK’s laws after the UK leaves the EU. This will be achieved through […]

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