Scheme governance services

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Helping trustees comply with the general code

Schemes and trustees are under increasing scrutiny, and it can be hard to keep up with the pace of regulatory change.

The Pensions Regulator’s new general code enhances existing governance requirements and introduces new duties for trustees, who now need to:

  • Establish and document an effective system of governance (ESOG)
  • Review governance policies – in line with the trustees’ agreed timetable – and monitor ongoing compliance
  • Conduct and document an own-risk assessment (ORA) if the scheme has more than 100 members
  • Establish a risk management function to help monitor and assess their system of governance (if the scheme has more than 100 members).

For most schemes, compliance with the general code will require a significant time investment – both initially, and on an ongoing basis.

How can First Actuarial help?

First Actuarial can help trustees meet their compliance duties in a cost-effective way.

We can take care of regulatory compliance, helping trustees manage their numerous governance challenges and make informed decisions quickly.

We also give clients access to our online Client Hub. This provides all the tools and information trustees need to comply with the general code.

Trustees using the Client Hub can:

  • Store all scheme governance material together in a secure, online portal
  • Carry out a gap analysis to identify additional measures required
  • Keep track of which policies and processes help them meet specific requirements of the code
  • Set due dates for reviewing policies and processes at the required frequency
  • Use a simple risk assessment and recording tool and export the results for their ORA.

Our experienced consultants and scheme secretaries can also prepare a draft ORA, which the trustees’ risk management function can review and approve.

And on an ongoing basis, we’ll keep track of regulatory duties and issues that trustees may miss, especially if their day-to-day work lies outside pensions.

First Actuarial - Client Hub - Carabiner

In our latest client survey, 92% of scheme governance clients who responded were satisfied or very satisfied with our services.

Successful journey

We support Defined Benefit schemes of every size and shape in critical areas of governance, including:

Business planning

We can produce a business plan, setting out key milestones and responsibilities, then keep these plans on track.

Effective system of governance (ESOG)

Our Client Hub helps trustees monitor compliance with the general code of practice, and assess the need for action.

Own-risk assessment (ORA)

We can prepare a draft ORA for trustees, with insights based on data and reporting from our Client Hub.

First Actuarial - Governance Tile - Skyline

DC governance

We can help trustees meet the increasing governance requirements – including the preparation of a value for members (VFM) assessment – and draft a compliant chair’s statement.

First Actuarial - Governance Tile - Compass

Find out more about our training courses for trustees

Why choose First Actuarial?

100% of scheme governance clients who responded to our client survey were satisfied or very satisfied with our services. And 100% were satisfied or very satisfied with the quality of advice we gave.

Our scheme secretaries are experienced in supporting trustees of schemes of varying shapes and sizes. Diligent, well organised and supported by technology that helps them to manage the numerous governance expectations placed on Defined Benefit scheme trustees, they will provide a high-quality service that you can trust and rely on.

We help trustees save time and take care of the challenges of regulatory compliance. We work flexibly according to the varying needs of schemes and trustees.

We provide information in ways that best suit individual trustees. We can upload scheme documentation on the Client Hub or provide printed information, depending on your way of working.

We can work with trustees whose Scheme Actuary works for First Actuarial, or we can work with a third-party Scheme Actuary if required.

Learn more about our governance and scheme secretarial services

Download our brochure

Download our brochure

Get in touch

Get in touch to find out more about our scheme governance services.

The Hub makes life easy, not least because of the way First Actuarial has organised the information. Before the Hub, I wasn’t always able to access information as quickly as I needed to. Sometimes I’d have to travel to the office to find it. But I can now go directly to it.

– Ian Penfold, Chair of the Trustees, PremierFirst Vehicle Rental Pension Scheme

Trustee Directors struggled to find documents until their scheme secretary helped them move Scheme documents to the Client Hub.

Find out how the Client Hub saves both time and money for the PremierFirst Vehicle Rental Pension Scheme and the employer, Europcar.

Find out more about our Defined Benefit services

Download our Defined Benefit brochure

Download our brochure

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