Automatic Enrolment Retirement Savings System Act 2024
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Chapter 5 Supervisory report by Pensions Authority | ||
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Supervisory report by Pensions Authority | ||
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44. (1) After the end of each reporting period the Pensions Authority shall, in accordance with section 45 , prepare and submit to the Minister a report, referred to in this section as a “supervisory report”. | ||
(2) For the purpose of preparing a supervisory report the Pensions Authority shall review— | ||
(a) the performance by the Authority and the Board of their functions in the reporting period, | ||
(b) the operation and effectiveness in the reporting period of the Authority’s systems of governance and systems of operation, including in relation to— | ||
(i) the systems, procedures and practices for the internal performance management and accountability of the Authority under section 10 (2)(a), | ||
(ii) the arrangements for the management of the performance of the chief executive under section 10 (2)(b), | ||
(iii) the systems of internal control put in place under section 18 (2)(b), | ||
(iv) the risk management guidelines established under section 19 (2)(b), | ||
(v) the system for monitoring of the AE provider schemes under section 19 (2)(d), | ||
(vi) procedures for appointment of investment management providers under section 68 , and | ||
(vii) procedures for the engagement and oversight of service providers under section 32 , | ||
and | ||
(c) the operation and effectiveness of this Act in the reporting period, including in particular— | ||
(i) the appropriateness of the provision made by section 105 as to the information to be provided to participants, | ||
(ii) the suitability of the composition of the Board having regard to the knowledge and experience of its members in matters connected to— | ||
(I) the functions of the Authority, and | ||
(II) organisational governance, management, financial administration and financial investment, | ||
(iii) the suitability of the composition of the audit and risk committee and the investment committee, having regard to the relevant expertise and experience of its members, | ||
(iv) the appropriateness of the fees payable to the Authority pursuant to regulations made under section 35 , and | ||
(v) the risks that may affect the automatic enrolment retirement savings system and the ability of the Authority to assess and manage those risks. | ||
(3) A supervisory report shall, in so far as is practicable, take into account developments in matters referred to in subsection (2) since the end of the reporting period. | ||
(4) Where the Pensions Authority, by notice in writing, requires the Board to supply, within a reasonable period specified in the notice, information specified in the notice which it requires for the purpose of preparing a supervisory report, the Board shall provide the Pensions Authority with the information within that period. | ||
(5) A supervisory report shall contain— | ||
(a) the Pensions Authority’s findings on its review under subsection (2), | ||
(b) its assessment at the date of the report of the arrangements referred to in subparagraph (i) to (vii) of subsection (2)(b), | ||
(c) its assessment at the date of the report of the operation and effectiveness of this Act, including the matters referred to in subparagraph (i) to (v) of subsection (2)(c), and | ||
(d) any recommendations the Pensions Authority considers appropriate in relation to matters referred to in subsection (2). | ||
(6) In this section, “reporting period” means— | ||
(a) where the period beginning with the day on which this section comes into operation and ending with 31 December in the same year is not less than 6 months, that period, or | ||
(b) where the period beginning with the day on which this section comes into operation and ending with 31 December in the same year is less than 6 months, that period together with the following year, | ||
and each subsequent year. |