The Pensions Regulator (TPR) has issued guidance on Internal Controls for Pension Schemes which is designed to complement and be read in conjunction with the Code of Practice on Internal Controls (Code of Practice No. 9 – Internal Controls (the Code) that came into force in November 2006.
Internal controls are described as systems, arrangements and procedures:
TPR has recently enhanced its focus on pension scheme governance as it sees this as a key factor in increasing the likelihood of good member outcomes. The benefit of this audit will be to give the trustees reassurance that they have the appropriate internal controls in place and are compliant with legislation. It will also highlight any areas where action may need to be taken to address any deficiencies or to enhance the governance structure in place.