Pension Scheme Accounts and Audits
Mercer & Hole are experienced in auditing, reviewing and advising on pension scheme accounts and act for a number of schemes which range from small single member money purchase schemes to larger defined benefit schemes with 8,000 plus members and net assets greater than £400m.
Our team has the technical expertise required to provide advice and services to the Trustees of pension schemes. We have a specialised team able to advise on all types of occupational schemes.
We help our clients in their statutory reporting requirements ensuring compliance with pension scheme audit regulations and legislation. Our approach is to work alongside the Trustees and their other advisers (administrators and/or investment managers) to enable them to fulfil their accounting and auditing requirements.
We can tailor our service to provide as little or as much assistance as is needed by the Trustees.
Statement of Recommended Practice
The Statement of Recommended Practice (SORP) provides guidance in accounting for pension schemes. We help Trustees to interpret these principles together with the relevant accounting standards in the preparation of the scheme’s accounts.
The Trustees’ Report is an important element of the accounts. This report is an opportunity for the Trustees to communicate with the scheme members, employers and regulators. The disclosure requirements are outlined in the regulations and include details such as scheme membership numbers allocated into active, beneficiaries, deferred and pensioners.
The Investment Report is sometimes incorporated within the Trustees’ report and may be drafted by investment advisors but it remains the responsibility of the Trustees. Other reports/statements required may include:
- Statement of Trustees’ responsibilities
- Audit report
- Auditors’ statement about contributions
- Fund Account and Net Asset statement plus related notes
- Actuarial statement
Our pension scheme audits are undertaken by a professional team with specialist pension training which allows them to identify and focus on the key risk areas.
Contact Helen Cain
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