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Assurance reporting on Master Trusts (TECH 05/20 AAF)

TECH 05/20 AAF, published by ICAEW’s Audit and Assurance Faculty, provides guidance on the performance of assurance engagements on governance control activities established by trustees of Master Trusts. The Technical Release is effective for reporting periods beginning on or after 31 March 2020. Early adoption of the guidance is encouraged.

How to access TECH 05/20 AAF

TECH 05/20 AAF

Download TECH 05/20 AAF: Assurance reporting on Master Trusts.

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This publication is free to download for ICAEW members, Audit and Assurance Faculty members, Faculties Online and International Standards Subscribers.

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About TECH 05/20 AAF

Master Trust schemes are multi-employer occupational pension schemes, as defined by the Pensions Schemes Act 2017

Each Master Trust must be authorised by The Pensions Regulator. The Pensions Regulator is also responsible for the ongoing supervision and oversight of each Master Trust to ensure it continue to meet the authorisation criteria. As part of this process, the regulator requires each Master Trust to complete an annual supervisory return. 

In the supervisory return, Master Trusts must demonstrate that the trustee board has oversight of, and monitors, certain governance activities and arrangements and relevant systems and processes. External assurance on these governance procedures is one way which Master Trusts can demonstrate that these responsibilities have been fulfilled. 

TECH 05/20 AAF provides guidance for those undertaking assurance engagements on the governance control procedures established by trustees of Master Trusts. Produced with input from the Pensions regulator, the Technical Release provides the know-how to help to scope and perform these engagements effectively. The guidance is also intended to help promote consistency in approach.