We currently act as PRSA actuarial consultants to 8 PRSA providers. As a result, we have significant experience of conducting compliance reviews for PRSA business.
How we can help
Our experience of compliance reviews extends beyond pure PRSAs, as we also undertake registered administrator reviews and general legislative compliance reviews for Trustees, Banks, Insurance Companies, and a variety of other clients. Our PRSA clients benefit from the experience gained in our wider pension roles.
Our approach to each review can be tailored to the particular considerations of the provider. The most common review we have performed is statutory S119 annual reviews. (e.g. compliance check, new system implementation, review of procedures and process).
We have gained significant experience of dealing with the Pensions Authority and have worked with and represented a variety of PRSA providers in addressing issues such as:
- Breaches reported under the annual determination
- Complex issues around interpretation of aspects of Part X
- Performance fees and fixed fees.
We have experience of assisting our clients in successfully managing Pensions Authority inspections. This includes both off-site reviews and on-site reviews by the Pensions Authority. The inspections covered a selection of a sample of clients with all associated PRSA documentation provided to them and details on the charges deducted. In addition the procedures and processes of the PRSA provider were interrogated.
Since engaging LCP, we have been impressed with their professionalism, ability to respond quickly and provide well thought through, impartial advice and assistance on all aspects of our PRSA business.
They have always proved extremely responsive. They have consistently delivered in their role and been of great assistance to us in meeting our regulatory obligations. They demonstrate great understanding of the practical application of the legislation as well as in all aspects of product development.
How we can help
Transfers from occupational pension schemes to a PRSA require a certificate of comparison and written statement before they can be implemented.
Accurate projection of retirement benefits is an important disclosure requirement under PRSA and occupational pension scheme legislation.
The process of obtaining approval as a PRSA provider is challenging and intensive.
Want more information?
If you would like to know more about our services and how we can help you with PRSA get in touch.Contact us