PENSIONS GOVERNANCE WEBINAR. 14 July 2016

Transcription

1 PENSIONS GOVERNANCE WEBINAR 14 July 2016

2 Your presenters today Helen Hord Audit Senior Manager Helen joined RSM as a specialist pensions Audit Senior Manager in 2015 having spent 17 years with a Big 4 firm. Helen has significant experience in the managing of pension scheme audits over the past 12 years. She is also secretary to the PRAG DC Working Party and has been involved in schemes of varying sizes and complexity. Helen has led the way in developing our governance questionnaire and is keen to help her clients achieve good governance. Zoe Brown Manager zoe.brown@rsmuk.com Summary of Experience ACCA qualified 5 years of pension audit experience Portfolio of over 50 schemes Specialist expertise in Defined Benefit Schemes, Hybrid Schemes and Special Purpose Vehicles.

3 Webinar etiquette Please: turn off your s so you are not distracted; make sure your phones are on mute; and direct your questions to the Q&A box on the bottom right of your screen and they will be picked up at the end.

4 Trustee governance webinar Agenda 1. Introduction 2. Trustee Board effectiveness 3. Working with advisors 4. Relationship with the sponsoring employer 5. Risk management 6. Member communication and data 7. Investment management 8. Making changes 9. Questions

5 1. Introduction

6 HOW DO WE COMPARE TO OTHER SCHEMES?

7 Good governance should be proportionate. Helpful to look at other schemes. Simple concepts and discussions at no additional costs can often lead to significant benefits.

8 There is no such thing as an average scheme RSM peer group Reporting to our clients. Value added auditing. DC governance.

9 2. Trustee board effectiveness

10 WHAT WHAT DOES AN EFFECTIVE TRUSTEE BOARD LOOK LIKE?

11 Trustee body TKU Trustee changes Fraud policies Trustee meetings

12 3. Working with advisors

13 WHAT DOES GOOD GOVERNANCE LOOK LIKE WHEN IT COMES TO APPOINTING NEW ADVISERS?

14 Points to consider Selection and review process. Attendance at Trustee meetings. Use of internal audit. Conflicts of interest and anti bribery policies.

15 4. Relationship with sponsoring employer

16 WHY IS IT IMPORTANT FOR TRUSTEES AND THE SPONSORING EMPLOYER TO HAVE AN OPEN DIALOGUE?

17 EMPLOYER COVENANT Considering formal assessment ADVICE Seeking independent advice as appropriate PPF LEVY Working collaboratively to minimise COMMUNICATION CONFLICTS Both formal and informal and in respect of contributions Managing these effectively

18 5. Risk management

19 Risk review and risk register. Review process. Action management. Laws and regulations. Testing of internal controls.

20 6. Member communications and data

21 Admin reports. Methods of communication. Member feedback. Non active members. Data reconciliation. Security and cyber crime. Data audits.

22 7. Investment management

23 Key findings Use of sub committees. Investment strategy and maintaining the SIP. Monitoring of investment managers. Investment performance. Use of a custodian. AAF reviews.

24 8. Making changes

25 Cost benefit analysis Trustee business plan Seeking advice

26 9. Questions

27 THANK YOU FOR YOUR TIME AND ATTENTION

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