WORKING PARTIES
PRAG has working parties with representatives considering various subjects
that impact pension schemes.
Our current working parties
Working parties and representatives
| Andy Lowe | SORP | PwC |
| Tracey Washbrooke (Acting Chair) | Defined Contribution | Hymans |
| Cathy Allen | Master Trusts | Evelyn Partners |
| Brendan O'Connor | Pensions Audit Technical Discussion Group | Armstrong Watson |
| Mark Sherwin | PRAG/Investment Association | Investment Association |
| Michael Do | Derivatives | IGG |
| Hazel Hallam | Tax Representative | PwC |
| Toby Ware | VAT | KPMG |
| Tim Robinson | Cybercrime and Fraud | Crowe |
| Tara Wooton | Data Protection | Cooper Parry |
| Matthew Maneely | Terminology Booklet | Evelyn Partners |
SORP
PRAG is the Financial Reporting Council’s recognised organisation for producing the SORP for pension schemes. An ongoing working party, it updates the SORP to ensure that it complies with FRS 102.The SORP working party is responsible for the development of the SORP and related matters.
The members of the SORP working party are:
| Andy Lowe (Chair) | PwC |
| Rachel Jervis (Secretary) | PwC |
| Shona Harvie | Crowe |
| Adam Bush | BDO |
| John Moffatt | Independent Trustee |
| Christine Scott | ICAS |
| Lydia Song | Northern Trust |
| Margo Kavanagh | WTW |
| Nadia Dabbagh-Hobrow | KPMG |
| Rema Lawrence | PwC |
| Ryan Orton | WTW |
| Philip Briggs | RSM UK |
| Steve Balmont | BESTrustees |
| Victoria Bell | Nest Corporation |
| Lauren Carlyle | Grant Thornton |
| Andrew Mandley | WTW |
| Mark Sherwin (Observer) | Investment Association |
| Merrik Bousfield (Observer) | Financial Reporting Council |
Defined contribution
Looking at a broad range of issues relevant to pension scheme accountants, including internal control and governance.The DC working party has been focusing on the governance required for DC arrangements.
| Sarah Lacey (Chair) | KPMG |
| Tracey Washbrooke (Interim Chair) | Hymans Robertson |
| Helen Hord | RSM |
| Lee Siddall | WTW |
| Melissa Hargreaves | EY |
| Suzanne Burrell | Shoosmiths |
| Clare Millington | BHP LLP |
Master trusts
Considers the specific accounting and related governance issues faced by master trusts.As master trusts prepare to be authorised by The Pensions Regulator, the working party considers the issues for accountants and auditors.
The working party is:
| Cathy Allen (Chair) | Evelyn Partners |
| Philip Briggs | RSM |
| Nadia Dabbagh-Hobrow | KPMG |
| Laura Casserly | PwC |
| Rachel Scutt | WTW |
| Helen Perkins & Sy Hussain | Deloitte |
| Andrew Riley | Zedra |
| Philip Spary | Crowe |
Pensions audit technical discussion group
Comprises representatives from firms providing audit services to pension schemes.The Pensions Audit Technical Discussion Group comprises representatives from firms providing audit services to pension schemes.
| Brendan O’Connor (Chair) Philip Briggs | Armstrong Watson RSM |
| Shaun Bailey | Grant Thornton |
| Shona Harvie | Crowe |
| Terri Jarvis | Planet Audit |
| Matthew Maneely | Evelyn Partners |
| Ross Boyd | RBCA |
| Claire Millington | BHP |
| Tara Wooton | Cooper Parry |
| Oli Fitzsimons | EY |
| Laurence Hicks | PwC |
| Anne Rodriguez | KPMG |
| Joanne Gregory | Mercia Group |
| Emily Wooldridge | Deloitte |
| Tessa Gilbert |
PRAG/Investment association
Considers the specific investment disclosure requirements set out in the SORP and seeks to achieve a good flow of information between accountants, investment managers and trustees.This working party comprises members of PRAG and the Investment Association. It has produced guidance on the valuation of investments.
The members are:
| Mark Sherwin (Chair) | Investment Association |
| Shona Harvie | Crowe |
| Gemma Broom | KPMG |
| Simon Sui | BT Pension Scheme |
| Philip Kenley | Civil Aviation Authority Pension Scheme |
| Mark Hedges | Nationwide Pension Fund |
| Gerard Weide | WTW |
| Robert Davis | Northern Trust |
| Peter Luckhurst | HSBC |
| Richard Walker | State Street |
| Emma Sheil | PIMCO |
| Ian Williams | Legal & General |
| Dave Bowring | BlackRock |
| Neil Horner | Aberdeen |
| Lee Pope | Insight |
| Jolene Ledbetter | Investment Association |
| Lydia Song | Northern Trust |
Derivatives
Considers matters related to derivative accounting.In 2007 The PRAG published ‘Accounting for Derivatives in Pension Scheme’ (Derivatives Guidance) booklet, which provides practical guidance for the correct reporting of derivatives in the Financial Reports of Pension Schemes. Since its publication especially in recent years the use of derivatives by pension schemes has increased significantly and there have been new derivative types emerging, the PRAG executive decided in Spring 2019 it was the right time to start revising the Derivatives Guidance and therefore there was a need to form a Derivatives working party.
The initial members of the working party are:
| Michael Do (chair) | Pension schemes | IGG |
| Lydia Song | Member | Northern Trust |
| Mary Hall | Investment manager | Insight |
| James Finalayson | Investment manager | Legal & General Investment Management |
| Stuart Henderson | Auditors | Crowe |
| Aminah Bahaj | Auditors | EY |
| Naseem Raza | Pension schemes | Lloyds Pension Scheme |
| Rebecca Bush | Third Party Administrator | Unilever |
| Mark Hedges | Trustee | Nationwide Pension Fund & Capital Cranfield |
| Bassem Jadayel | Auditor | RSM UK |
ESG working party
| Peter Cox (Acting Chair) | Northern Trust |
| Sarah Lacey (Chair) (currently absent) | KPMG |
| Graeme Jefford (Secretary) | Crowe |
| Andrew Aston | RSM |
| Lloyd Richards | Crowe |
| Olly King | JP Morgan |
Tax representative
A PRAG representative attends HMRC pension stakeholder meetings and feeds back key tax matters to members.The Tax representative attends HMRC Stakeholder meetings as the PRAG representative and issues communications to members on relevant tax matters.
The Tax representative is:
| Hazell Hallam | PwC |
VAT
Monitors and interprets the guidance issued by HMRC following the ECJ judgement on PPG Holdings.HMRC guidance on the treatment of VAT incurred by pension schemes has taken a while to reach a conclusive position. The VAT Working Party has been considering the guidance as it has been issued and issuing information to members to help them understand its implications.
The membership list of this working party is:
| Toby Ware (Chair) | KPMG |
| Andy Chambers | UK Power Networks |
| Darren Hartnup | Mercer |
| Rob Marchant | Crowe |
Cybercrime and fraud
Considers the impact on pension schemes of the increasing prevalence of cyber crime.The aim of this working party is to develop guidance for pension schemes and their trustees in relation to how they can best protect themselves against the latest manifestations of cybercrime and fraud.
The working party is:
| Tim Robinson (Chair) | Crowe |
| Adrian Gorham | Telefónica |
| Michael Do | IGG |
| Robert Chestnett | RBS |
| Michael de Souza | LifeSight Master Trust |
Data protection
Considers the impact on pension schemes of the General Data Protection Regulations.Data Protection is a current hot topic following the introduction of GDPR and The Pensions Regulator introducing guidance on cyber risks. The working party is looking at these issues from the perspective of pension scheme accountants.
The working party is:
| Tara Wooton (Chair) | Cooper Parry |
| George Quigley | KPMG |
| Emma Black | Deloitte |
| Vanessa Roberts | Nationwide |
| Maurice Titley | ITM |
| Geeta Jethwa | Hymans Robertson |
| Bhavesh Patel | Assure |
| Rebecca Morgan | ITM |
| Tim Robinson | Crowe |
Terminology booklet
Together with PMI, this working party is updating the PMI Terminology Booklet, which is a glossary of terms used across the pensions industry.| Matthew Maneely (Chair) | Evelyn Partners |
| Tim Middleton (Secretary) | Pensions Management Institute |
| Bhavna Baines | Barnett Waddingham |
| Judith Donnelly | Addleshaw Goddard |
| Jeff Highfield | PRAG |
| Lynn Housecroft | Squire Patton Boggs |
| Terri Jarvis | Planet Audit |
| Karen Parry | TPT |
| Richard Robinson | Aon |
| Peter Weiner | CBC Pension Services |