Following the introduction of IORP II in 2021 and the Pensions Authority's supervisory activities since, the Pensions Authority expect that all pension schemes now operate under a robust governance framework (IORP II, DORA, SFDR, etc.) with risk-based, forward-looking decision making and governance at the core.
It is essential, therefore, that all schemes are operating to (or exceeding) these standards (and can demonstrate this via data/reporting) in readiness for the Pensions Authority's enhanced forward-looking, risk-based supervision.
RedbruckeDTS solutions for you:
- Evaluation of your scheme and the ability of your administration system to support and report in compliance with legislative and regulatory requirements and standards;
- Solutions to record the trustee board's implementation of governance framework under the Scheme's Trustee Board Manual (and Policies) and the documentation of compliance with the various touchpoints in these documents and in the Risk Management framework and output from any Own Risk Assessments;
- To enable the recording of an audit trail of Scheme activity and trustee board decision making, we can provide automated solutions for:
- the monitoring of external and 3rd party providers (including RA, Investment Managers, KFHs, etc.), SLAs (putting in place, fitness & probity considerations, renewals, metrics/benchmarking of services, etc.) in order to be able to document and demonstrate compliance with trustee board obligations under outsourcing policies;
- the monitoring of communications programmes under the Scheme's communications policy (including calendar of communications, record of member engagement, targeted data analytics/metrics, etc.) in order to document and demonstrate compliance with trustee board obligations, support informed decision making and maximise the impact of communications. Also, supporting processes for IDR / Complaints recording, processing, communicating and monitoring;
- the monitoring of investment oversight processes including integration of ESG / stewardship policies, investment manager performance against mandates, fund performance against benchmarks, investment strategy against funding objectives and risk appetite in the medium / long term, etc. Solutions to enhance reporting in order to be able to document and demonstrate compliance with trustee board obligations under these investment policies (SIPP, SIG, etc.);
- the monitoring of Scheme fees and charges to assess value for money in line with the Cost Transparency Standard (CTS) requirements and the Scheme's remuneration policies in order to be able to document and demonstrate compliance with trustee board obligations and CTS.
These solutions empower the trustee board with reporting upon demand to assist with information flows to Risk Management, Internal Audit and Actuarial Key Function Holders and information/documentation requests to the Pensions Authority under SRPs.