Crowe, in association with Pensions Age is undertaking its third survey into the risk management of Trust based pension schemes. Completion of this survey each year identifies trends in risk management and there are some new questions to assess readiness for new trustee responsibilities relating to scheme governance.
If you are actively involved in managing occupational Trust based pension arrangements, we would appreciate it if you could complete this short survey. It will take no longer than 10 minutes to complete and the survey will close on 2 August 2019. We will not publish any names of participants or their organisations in our report.
IF YOU REPRESENT MORE THAN ONE SCHEME, PLEASE ANSWER ON BEHALF OF THE MOST RELEVANT SCHEME.
Pensions Age will also put all participants in a draw for a free iWatch as a thank you for taking part.
In January 2019, the Pensions Act 2004 was amended to require trustees to ‘operate an effective system of governance including internal controls’. The Pensions Regulator is currently preparing a Code of Practice which will set out how it expects trustees to do this, which will cover:
Identify and manage risk in the pension scheme including asset-liability management, liquidity, employer covenant, investment and administration and in addition the ability to consider new and emerging risks.
Evaluate the pension scheme’s internal control systems and other areas of scheme governance including any outsourced activities.
Risk appetite is the amount and type of risk that the pension scheme is willing to take in order to meet its strategic objectives.
Risk tolerance is the amount of risk that a pension scheme can feasibly cope with.