Over the last couple of months, we have invited you to #meetPAUL by sharing 10 factsheets designed to help “Protect Against Unmitigated Liabilities” (PAUL). The full set of factsheets, inspired by an industry survey conducted earlier in the year, are now available below.
Here are some additional survey results that did not feature in our factsheets. They may (or may not) surprise you.
- The largest schemes in our survey were the least confident that they are prepared to tackle the risks faced by their schemes
- Trustees have slightly more confidence in their risk management framework than sponsoring employers
- The most common mitigation tips cited by survey respondents were:
- Reviewing and updating processes and contracts for GDPR
- Keeping the scheme risk register up to date and under regular review
- Using professional advisers appropriately
- Auditing scheme administration
- Using sub-committees appropriately
Read our recent Pensions Practice insight for more information on our survey results.
Previous Factsheets From Our "Protect Against Unmitigated Liabilities" Campaign
- #meetPAUL Risk 1: Errors in Scheme Administration or Payroll/HR Function
- #meetPAUL Risk 2: Benefits Misaligned to Scheme Documents/Overriding Legislation
- #meetPAUL Risk 3: Breaches of Regulatory Requirements/Best Practice Standards
- #meetPAUL Risk 4: Data Protection Failings and Cybersecurity
- #meetPAUL Risk 5: Poor/Limited Member Communications
- #meetPAUL Risk 6: Relationship Challenges Between Sponsor and Trustees
- #meetPAUL Risk 7: Inadequate Strategic Planning
- #meetPAUL Risk 8: Trustee Governance Gaps and Key Person Risk
- #meetPAUL Risk 9: Lack of Supervision of Delegated Services
- #meetPAUL Risk 10: Weakness in Investment Governance and Documentation