A new Code of Practice for Professional Corporate Sole Trustees (PCSTs) of Pension Schemes was approved by the Council of the Association of Professional Pension Trustees (APPT) on 12 October 2020 which comes into effect from 1 January 2021.
The Code of Practice sets out guidance as to the processes and procedures which firms acting as a PCST should implement and maintain to meet these obligations falling on APPT members in relation to PCST appointments.
Members of the APPT should note in particular that the Standards specify that the following should not accept appointment as a PCST:
The new Code of Practice covers the following:-
This is a voluntary code and has no statutory force.
This Code of Practice is not intended to apply to Master Trusts or “captive” corporate trustees established for the sole purpose of running one or more pension schemes associated with a single employer or group of employers.
It is a requirement of the Standards that PCST firms provide assurance reporting on internal controls in accordance with “ICAEW Relevant Trustee Supplement AAF 02/07 (TECH 04/13AAF)”
PCST firms performing administration, accounting or payroll services should also provide assurance reporting in accordance with ICAEW AAF 01/06 or AAF 01/20 as applicable in respect of these services.
Where assurance reporting identifies an issue of concern, the PCST firm should ensure any such issues are notified to the sponsor and addressed as a matter of urgency
For further information please contact Gareth Burton on 020 7112 8300 or email email@example.com.