Audit of Pension Schemes

Pension Scheme Trustees carry the ultimate responsibility for the assets and well-being of their scheme. However, they are often not professionally qualified and may need help to keep abreast of developments and fulfil their onerous duties. The challenges facing them make it essential to engage professional advisers with the experience and resources to meet their needs.

Examples of the increasingly complex regulatory and other issues facing Trustees include:

• A rapid pace of change showing no sign of abating.
• A complex and highly regulated environment. The Pensions Regulator is exacting with a wide range of statutory powers and penalties available to it. There is also encouragement for pension scheme members to take a closer interest in how well their scheme is being run.
• Changes in accounting (a new Statement of Recommended Practice was issued in November 2002) and auditing requirements, including earlier and more frequent interaction with employers and actuaries regarding the timely provision of FRS 17 disclosure and accounting data.
• The ever-present demands of trusteeship and pensions law.

The audit of occupational pension schemes has therefore become a specialist area. Our pensions team has acquired a formidable armoury of knowledge with which to service our pension scheme clients, ranging from sizeable final salary schemes to earmarked and small self-administered schemes. Our team has achieved continuity of personnel from year to year, enabling them to develop and maintain a sound understanding of your scheme and requirements and the pensions accounts and audit environment generally. Our team can provide Trustees with the advice and assistance they need to act effectively and correctly in matters relevant to our services.

We can provide:

• Accounts preparation, in line with the new SORP to ensure compliance with current requirements and best practice.
• Advice and assistance with the presentation of the annual report and accounts.
• Audit.
• Statements about contributions.
• Accounting and bookkeeping services.
• Taxation advice and assistance with tax returns.
• Trustee advice and support. In addition to advising and assisting in areas directly relevant to our services, we have access to specialist administrators and consultants who can provide a comprehensive advisory, support and administration service.
• Access to independent financial advisers specialising in pensions.

We are committed to maintaining our expertise within the pensions sector. We believe we are well placed to serve pension schemes whose Trustees seek a high quality product and standard of service at a reasonable cost.

Contact: Kevin Blake or Eileen Goff

Registered to carry on audit work and regulated for a range of investment business activities by The Institute of Chartered Accountants in England & Wales