The TECH AAF 02/07 was amended to the new TECH AAF 05/20 in April 2020 to incorporate the key areas which Master Trusts were being asked to demonstrate as part of the Pension Regulators (tPR) Authorisation process and the ongoing Supervisory Return.
Your AAF 05/20 does not have to be completed in line with tPR’s Supervisory Return as the assurance report should be submitted as it is signed off. However, to help with resourcing and evidence collation it is of benefit to sign off the AAF 05/20 report before the tPR’s Supervisory Return as you will be able to submit this as evidence and use the documentation already collated to complete the AAF 05/20.
Here are some of our key learnings from completing the new AAF 05/20:
When completing the transition from the AAF 02/07 to the AAF 05/20 in April 2020, we found it beneficial to maintain and complete a mapping document. This allows you to identify where gaps are apparent with the introduction of additional control objectives. This will ensure as little time and resources are used up, by having the control activities written within a timely manner will allow more time to be spent on collating evidence and allowing us as the service auditors to complete the testing.
As service auditors we strive to add value to the AAF 05/20 process by providing business insight, improvement findings and sharing knowledge from working with others in the pension industry.