During 2019, there will be various changes to the governance requirements for pension schemes, including a new tPR Code of Practice requiring pension schemes to have an effective system of governance (including internal controls) that is proportionate to the size, nature, scale and complexity of the scheme. Therefore, in March 2019, the ICAEW issued this guidance to help trustees understand how different sources of assurance can play a part in the assessment of controls designed to mitigate risk.

Assurance techniques can take many forms from self-assurance to independent assurance. This ICAEW guidance describes how independent audit assurance can play a part in the governance of UK pension arrangements, and in particular differentiates the roles of statutory audit and internal audit.