Pension scheme audit

We have twenty years of experience in auditing a range of pension schemes. At present we are auditors to 85 schemes, both defined contribution and defined benefit, as well as hybrid schemes.

Our audit service is both high quality and focused to the particular needs of your scheme. Our specialist team, from Partner to Manager to Senior, will have relevant pension scheme knowledge and experience and we ensure continuity of audit staff.

Our audit work will be planned to meet your reporting objectives and we ensure that everything is completed to your timetable.

We work closely with the scheme's trustees, staff and advisers and offer all the proactive support and advice you need.

Our fees are extremely competitive; we offer a fixed fee, which includes unlimited telephone and email support for routine queries.

Other services to pension schemes:

• Preparation of Pension Scheme Accounts
• Pension Bookkeeping and Accounting
• VAT Reviews and Advice
• Employer Covenant Reviews
• Tax Compliance
• Pensioner Payroll

Employer Covenant Reviews

Following the Pensions Act 2004 there is a requirement on trustees to assess the strength of the employer's covenant at the time of the actuarial valuation and when there are concerns about the financial strength of the employer. The trustees are required to:

• make an objective assessment of the employer's financial position and prospects.
• form a view on the ability of the employer to fund scheme benefits on an ongoing basis.

We offer a flexible approach tailored to the requirements of the trustee and actuary and our aim is to provide concise and pragmatic recommendations and advice and keep all stakeholders advised as to progress throughout the process.

Key areas for consideration as part of this review will include:

• The legal obligations of the principal employer to fund the scheme
• The effect of the principal employer's ownership and group structure
• The scheme's position on insolvency of the principal employer
• Reviewing historical published and other available high level financial information
• Analysing the financial strength of the company and its parent by reference to its balance sheet and key ratios
• Considering the ability of the principal employer to generate cash flows sufficient to meet its business needs and "free cash" to fund pension obligations
• Reviewing assets available for pledge/security

We can offer desk top based as well as in depth reviews tailored to individual circumstances and well as ongoing, independent review and advice to the trustees.

Please click here for our leaflet on services to Pension Schemes.