PENSIONS GOVERNANCE WEBINAR 14 July 2016
Your presenters today Helen Hord Audit Senior Manager helen.hord@rsmuk.com 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.
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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
1. Introduction
HOW DO WE COMPARE TO OTHER SCHEMES?
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.
There is no such thing as an average scheme RSM peer group Reporting to our clients. Value added auditing. DC governance.
2. Trustee board effectiveness
WHAT WHAT DOES AN EFFECTIVE TRUSTEE BOARD LOOK LIKE?
Trustee body TKU Trustee changes Fraud policies Trustee meetings
3. Working with advisors
WHAT DOES GOOD GOVERNANCE LOOK LIKE WHEN IT COMES TO APPOINTING NEW ADVISERS?
Points to consider Selection and review process. Attendance at Trustee meetings. Use of internal audit. Conflicts of interest and anti bribery policies.
4. Relationship with sponsoring employer
WHY IS IT IMPORTANT FOR TRUSTEES AND THE SPONSORING EMPLOYER TO HAVE AN OPEN DIALOGUE?
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
5. Risk management
Risk review and risk register. Review process. Action management. Laws and regulations. Testing of internal controls.
6. Member communications and data
Admin reports. Methods of communication. Member feedback. Non active members. Data reconciliation. Security and cyber crime. Data audits.
7. Investment management
Key findings Use of sub committees. Investment strategy and maintaining the SIP. Monitoring of investment managers. Investment performance. Use of a custodian. AAF reviews.
8. Making changes
Cost benefit analysis Trustee business plan Seeking advice
9. Questions
THANK YOU FOR YOUR TIME AND ATTENTION
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