Are your internal controls sound?


Legislation due to come into force later this year will impose specific obligations on trustees to have sound administrative procedures and effective internal control mechanisms in place. The force behind the new requirements is the EU Pensions Directive, but echoes of the Myners principles on trustee governance and the new trustee knowledge and understanding requirements abound. Consultation on draft regulations finished on 9 September 2005 and, on the same day, the Pensions Regulator published its corresponding draft code of practice.

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