PRAG

WORKING PARTIES

PRAG has working parties with representatives considering various subjects 

that impact pension schemes.

The essence of PRAG, our working parties look at a variety of subjects that impact pension schemes. Some are ongoing and the representatives continue to deal with issues as they arise from time to time. Our other working parties are formed to focus on specific issues and then publish guidance for circulation to our members. 


We are keen to sponsor new working parties, so if you would like to get involved with any of the working parties or have a suggestion for a new working party, please contact [email protected] .

Our current working parties

Working parties and representatives

Andy LoweSORPPwC
Sarah LaceyDefined Contribution & ESGKPMG
Cathy AllenMaster TrustsEvelyn Partners
Rotating ChairPensions Audit Technical Discussion Group
Mark SherwinPRAG/Investment AssociationInvestment Association
Michael Do (chair)
DerivativesIGG
Hazel HallamTax RepresentativePwC
Ric LoudenVATKPMG
Tim RobinsonCybercrime and FraudCrowe
Tara WootonData ProtectionMazars
Matthew ManeelyTerminology BookletEvelyn 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 HarvieCrowe
Adam BushBDO
John MoffattIndependent Trustee
Christine Scott
ICAS
Lydia SongNorthern Trust
Margo Kavanagh
WTW
Nadia Dabbagh-HobrowKPMG
Rema LawrencePwC
Ryan OrtonWTW
Philip BriggsRSM UK
Steve BalmontBESTrustees
Victoria BellNest Corporation
Lauren CarlyleGrant Thornton
Andrew MandleyWTW
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 HordRSM
Lee SiddallWTW
Melissa HargreavesEY
Suzanne BurrellShoosmiths
Clare MillingtonBHP 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 BriggsRSM
Nadia Dabbagh-HobrowKPMG
Laura CasserlyPwC
Rachel ScuttWTW
Helen Perkins & Sy HussainDeloitte
Andrew RileyZedra
Philip SparyCrowe



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 BaileyGrant Thornton
Shona HarvieCrowe
Terri JarvisPlanet Audit
Matthew ManeelyEvelyn Partners
Ross BoydRBCA
Claire MillingtonBHP
Tara WootonMazars
Oli FitzsimonsEY
Laurence HicksPwC
Anne RodriguezKPMG
Joanne GregoryMercia Group
Emily WooldridgeDeloitte
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 HarvieCrowe
Gemma BroomKPMG
Simon SuiBT Pension Scheme
Philip KenleyCivil Aviation Authority Pension Scheme
Mark HedgesNationwide Pension Fund
Gerard WeideWTW
Robert DavisNorthern Trust
Peter LuckhurstHSBC
Richard WalkerState Street
Emma SheilPIMCO
Ian WilliamsLegal & General
Dave BowringBlackRock
Neil HornerAberdeen
Lee PopeInsight
Jolene LedbetterInvestment Association
Lydia SongNorthern 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 schemesIGG
Lydia SongMemberNorthern Trust
Mary HallInvestment managerInsight
James FinalaysonInvestment managerLegal & General Investment Management
Stuart HendersonAuditors
Crowe
Aminah BahajAuditorsEY
Naseem RazaPension schemesLloyds Pension Scheme
Rebecca BushThird Party AdministratorUnilever
Mark HedgesTrusteeNationwide Pension Fund & Capital Cranfield
Bassem JadayelAuditorRSM UK


ESG working party

Peter Cox (Acting Chair)Northern Trust
Sarah Lacey (Chair) (currently absent)KPMG
Graeme Jefford (Secretary)
Crowe
Andrew Aston
RSM
Lloyd RichardsCrowe
Olly KingJP 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 HallamPwC

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:


Ric Louden (Chair)KPMG
Andy ChambersUK 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 GorhamTelefónica
Michael DoIGG
Robert ChestnettRBS
Michael de SouzaLifeSight 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)Mazars
George QuigleyKPMG
Emma BlackDeloitte
Vanessa RobertsNationwide
Maurice TitleyITM
Geeta JethwaHymans Robertson
Bhavesh PatelAssure
Rebecca MorganITM
Tim RobinsonCrowe

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 BainesBarnett Waddingham
Judith DonnellyAddleshaw Goddard
Jeff HighfieldPRAG
Lynn HousecroftSquire Patton Boggs
Terri JarvisPlanet Audit
Karen ParryTPT
Richard RobinsonAon
Peter WeinerCBC Pension Services