News & Seminars

Is AAF fit for today? What should Trustees be considering? AAF 01/20 reports began appearing in 2007 providing assurance to trustees and the administrator that their pensions administration operated in an appropriately controlled environment. Their purpose is to provide reasonable assurance to trustees through transparency and consistency, as well as carrying out an independent assessment of the administrators controls. The Pensions Regulator (TPR) continues to frame assurance reporting as part of demonstrating ‘sound administration and accounting procedure’. Reports have developed over the years, becoming increasingly technical and full of jargon. With the complexity and length of these reports, trustees typically rely on the auditors’ assurances and exceptions – but is this enough in today’s complex operating environment? We sometimes see carve outs’, where the administrator has outsourced some of the services, which are then removed from the scope of the report. An example is where IT infrastructure or software is

Pension scheme data cleansing goes beyond correcting member records. It involves reviewing scheme documents, understanding past decisions and addressing issues that can affect members’ benefits. From a professional trustee’s perspective, this article explores why projects become complex and how expertise, constructive challenge and timely decisions help trustees navigate them.

Good-quality pension scheme data is fundamental to effective governance, compliance and risk management. As systems become increasingly interconnected and AI adoption grows, trustees must understand how data is managed, shared and scrutinised to support better decisions and member outcomes.

The role of the professional trustee is evolving as DB schemes move towards endgame, governance models change and technology plays a greater role. But as AI adoption accelerates, trustees must look beyond data and operational risks to consider its environmental impact — and whether ESG thinking needs to evolve alongside it.

Pension scheme data underpins everything from valuations and liabilities to member services and project delivery. But while member data quality receives significant attention, scheme data can be just as critical. This article explores the risks of digitalisation, the importance of accurate scheme data and why effective governance and trustee oversight are essential.