Following the introduction of the Pensions Authority Supervisory Review Process (SRP), it is anticipated that all pension schemes (DB, DC, Hybrid and Master Trust) will be subjected to this review process from 2024 onwards as part of the enhanced regulatory framework for supervision, which is anticipated to be intrusive and time-consuming. RedbruckeDTS solutions for you throughout the audit process (SRP):
- Evaluation of your scheme and its readiness to meet the Pension Authority's strict and challenging deadlines for the initial provision of required scheme documentation and information. The optimum first engagement with the Pensions Authority would see all policy/procedure documentation in place and up to the standards expected by the Pensions Authority and the ability to demonstrate good governance standards. Schemes should be fully prepared in advance of an SRP.
- Navigation of the SRP, including assistance in:
- the interpretation and understanding of the PA's questionnaires and information/documentation requests;
- help the trustee board prepare for interview with the PA, from assistance with preparation of presentations to interview practice;
- engagement with the PA as regards their initial reporting, trustee board comments back and interpretation of PA final report;
- integrating the PA's findings and reports into the scheme governance framework.
- Scheme / IT system enhancements to enable you to carry out remedial actions as required from PA final SRP Report, whether enforcement actions and/or recommendations made.