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From gap analysis to final reporting, we work alongside your trustee board or in-house pensions team, to make the ORA process straightforward, practical and tailored to your scheme
Our specialists support governance reviews, risk assessments and ORA reporting – helping you demonstrate compliance while delivering lasting value for your scheme.
Our approach has been recognised industry-wide, with our ORA team shortlisted for Team of the Year in both the Professional Pensions Rising Star and PMI Pinnacle Awards.
hours invested in developing our ORA framework.
Our dedicated team has the expertise, experience and resource to help trustee boards tackle what is required for the ORA under the General Code, efficiently and cost effectively.
The Own Risk Assessment (ORA) is a holistic review of how effectively a pension scheme’s Effective System of Governance (ESOG) is working in practice. It enables trustees to evaluate how well their governance arrangements manage risks, while supporting robust decision-making and ensuring compliance with The Pensions Regulator’s General Code.
The ORA itself is a living document that is intended to evolve alongside governance practices. It allows trustees to systematically identify, document and address any gaps or risks in their existing governance framework that represent significant issues, in turn ensuring positive member outcomes.
To complete the ORA, scheme trustees must complete several steps including: establishing and maintaining ESOG frameworks; agreeing responsibilities; understanding completion deadlines for execution and trustee board approvals; undertaking the Own Risk Assessment; and arranging for the Chair of Trustees to sign the required Declaration.
Every occupational pension scheme with more than 100 members is required to carry out the Own Risk Assessment process, as outlined by the Pension Regulator’s General Code. However, the approach should always be proportionate to the size, nature and complexity of your scheme.
All pension schemes must complete their ORA within 12 months of the first full scheme year following 28th March 2024. Some schemes may have already met that first deadline, while for others that deadline may be later this year. The ORA must then be completed every three years, with the deadline dependent on a scheme’s reporting schedule.
As one of the UK’s leading providers of governance services to pension schemes, IGG is here to help you meet those deadlines. We help look after the pension arrangements of more than 450 clients, including actively managing the ORA process for many of these schemes.
Trustees must review and update the ORA every three years, or whenever there are significant changes to the scheme’s governance, operations or risk profile. However, the ORA should become part of your ongoing governance cycle rather than a one-off exercise. We recommend reviewing the ORA every year to keep it up-to-date and minimise the governance burden ahead of each three-year deadline.
An ORA typically includes reviewing your governance framework, assessing your Effective System of Governance (ESOG), identifying and evaluating risks, reviewing policies and documenting your findings in a clear report for the trustee board.
Timescales vary depending on the size and complexity of your scheme and the maturity of your governance arrangements. We’ll work with you to agree a realistic plan that fits your meeting schedule and reporting requirements.
Identifying areas for improvement is a positive outcome of the ORA process. It gives trustees the opportunity to strengthen governance, prioritise actions and demonstrate a proactive approach to managing risk. Our team can help you develop a practical action plan to address any findings.
As governance demands rise, how can trustees use the ORA as a practical, proportionate tool to support better decision-making.
Trustee Manager, Ellie Rowe, shares her first thoughts on the ORA and its impact on governance.
How to prepare and what needs to be done for TPR's new code of practice ORA.
Our governance specialists bring the experience, insight and practical support to help you deliver a confident, proportionate Own Risk Assessment.
Trustee Director
Head of Outsourced Governance Services
Associate Director
Outsourced Governance Services
Trustee Manager
Outsourced Governance Services
Trustee Manager
Outsourced Governance Services
Senior Associate
Outsourced Governance Services
Senior Associate
Outsourced Governance Services
Senior Associate
Outsourced Governance Services
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