Pensions - Mind the expectation gap

04 March 2020

Are trustee boards really investing in pension scheme governance and how is risk prevention being prioritised?

RSM’s pension survey interviewed almost 200 people involved in the pensions sector across the UK, to gather key market insight into the quality of governance within the sector, and what the future looks like when considering new compliance codes coming into effect in 2020. With the topic of governance and specifically, the quality of a scheme’s internal controls firmly on the Pension Regulator’s radar, RSM’s ‘Mind the expectation gap’ delves into whether trustee boards are really investing in scheme governance, or if risk prevention is being seen as just a tick box exercise which is low down on a busy meeting agenda.

Who does the buck stop with, and what can the pensions sector expect to face in the year to come? Find out from our in-depth look.

 Scheme governance – whose role is it anyway?

When it comes to assessing scheme governance, the question of responsibility comes into play. Are you self-assessing your governance standards? Is your board too reliant on advisors?

 Interaction with employer - assessing Governance standards

Are governance standards on the agenda at meetings with scheme sponsors?

 Failing to plan is planning to fail

Is a reactive rather than a proactive approach taken to planning?

 The audit expectation gap

What are the expectations of the statutory auditors?

 Additional assurance

What are the four lines of defence?

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