Central reviews - GAD & MyCSP 2020-21 - GT

Descriptions

Central review of GAD - Financial Audit - provision of assurance that GAD has the professional skills and expertise to provide the actuarial services relating to IAS 19 accounting valuations to our clients on which we rely. Detailed requirements are as set out below based on the prior year scope document - no significant changes to scope are expected at this time: Key elements of the review: 1. Source Data 2. Methodology & Assumptions 3. Is GAD sufficiently competent and objective to carry out the work required? 4. Does the quality of GAD's reporting and communication meet professional standards? MyCSP review - Financial Audit - carry out a high-level review of the most recent changes to the MyCSP remuneration disclosures model and actuarial factors used by MyCSP to determine the pension figures for the 2020-21 remuneration report disclosures in respect of the Civil Service Pension Schemes ("CSPS"). Detailed requirements are as per the scope of the prior year review, no significant changes to scope are expected at this time - see scope details below: • review of the nature of changes to the model to ensure they are appropriate; • review the specific changes made to the spreadsheet; • review the inflation uplift factors and that they are being applied appropriately; • checks of sample calculations to ensure the correct figures are being extracted from the model; • review documentation changes in line with changes to the model; • consideration of personnel involved in producing / reviewing the model; • confirm that the controls in place to ensure that the model is not corrupted or misused have not changed; • check that the updated actuarial factors have been correctly incorporated into the model and that they are consistent with the factors provided by the Government Actuary's Department ("GAD"); and • consideration of the updated actuarial factors' fitness for purpose including an assessment of the specific assumptions used in setting them. Key Outputs Central review of GAD - Detailed report on the schemes in scope. Letter of general assurance covering the schemes in scope, but which can be extended to any other pension schemes to which GAD acts as scheme actuary. Milestones February 2021 - initial meetings with GAD. March/April 2021 - meetings with scheme actuaries. March to May 2021 - completion of review following release of IAS 19 valuation reports. Final report and letter of general assurance to be provided by the end of May 2021. MyCSP review - review report covering the changes to the model used by MyCSP. Milestones April 2021 - meetings/discussions with MyCSP. May 2021 - completion of review following provision of information from MyCSP. Final review report to be provided by the end of May 2021.