Pension Profile - November 2021

  • Implementation statement – one year on

    The implementation statement is a short report which should have been included in the scheme’s annual report from the 1st of October 2020. It explains how the trustees have acted on the principles contained within the Statement of Investment Principles (SIP). There was also the requirement to publish the implementation statement on a publicly accessible website by the 1st of October 2021.
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  • Taskforce on Climate-related Financial Disclosures

    As the focus on ESG considerations continue, the proposed regulations, (part of the Pension Schemes Act 2021), require trustees to look at climate-related risks and opportunities in more detail. This is in line with Taskforce on Climate-related Financial Disclosures (TCFD) recommendations.
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  • Risks and the statutory audit – new Irregularities statement

    For accounting periods commencing on or after the 15th of December 2019 , revisions to auditing standards (ISA (UK) 700)  extended the requirement of auditors to include an explanation in the audit report, explaining to what extent the audit was considered capable of detecting irregularities, including fraud.
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  • Single code of practice

    The OPS (Governance) (Amendment) Regulations 2018 came into effect in January 2019 and the Regulator has been reviewing their codes of practice to incorporate this and combine the content of 10 current codes of practice to form a single, shorter code.
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