
The Academies Financial Handbook is updated annually by the Department for Education and the Education and Skills Funding Agency; it contains a number of governance requirements for academy trusts.
This report followed the Regulator’s Public Service Governance and Administration Survey 2018 which had highlighted concerns around governance, record keeping and member communication, and a general feeling that improvements that had been made across the Local Government Pension Scheme were slowing down.
The engagement report, in line with this survey, found four key areas for improvement:
In light of these findings, the report indicated that there may be an increase in regulatory engagement over the coming year. With this in mind, it may be necessary to address whether changes are needed within your scheme and whether resources are being used efficiently to ensure the required actions can be taken. While this report was concerned with the Local Government Pension Scheme, its findings are not necessarily unique to Local Government Pension Scheme funds. The areas of concern and the practical steps suggested below are relevant to ensuring other schemes are run well and serve and protect their members appropriately.
Taking Action
Key-person risk: The Regulator found that some schemes lacked comprehensive, well-documented policies and procedures and were over-reliant on local authority controls with little interaction between the scheme manager and the local authority. This was noted as being particularly key to cybersecurity, as the Regulator’s initial survey found that around half of participating schemes had experienced a cyber breach or attack in the last 12 months.
Action
Pension boards: The Regulator’s survey found that only 50% of public service schemes have held more than four pension board meetings in the last 12 months and the high turnover of board members raises questions about whether the required level of knowledge and understanding is well-documented. The Regulator’s engagement with funds showed that some boards showed little appetite for reviewing full documents and were reliant on reduced summaries, thereby leading the regulator to address how such boards could effectively fulfil their function.
Action
Fraud/scams: The Regulator’s report highlighted the fact that pension schemes hold large amounts of personal data and assets, which can make them a target for fraudsters and criminals. The Regulator indicated that more should be done to protect members from scams.
Action
Employers: There was a sizeable variance when addressing the risks facing employers, i.e. in receiving contributions and employer insolvency.
Action
If you would like any further information on these issues, please contact Alice Kinder in our employment and pensions team.
The Academies Financial Handbook is updated annually by the Department for Education and the Education and Skills Funding Agency; it contains a number of governance requirements for academy trusts.
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