We can help you with your statutory reporting requirements ensuring compliance with pensions scheme audit regulations and legislation.
What we offer
Whether your pension scheme is a small single member money purchase scheme or a larger defined benefit scheme; we can help.
We can provide you with audits, reviews and advice on your pension scheme accounts. Our experience is wide ranging, and we work with smaller schemes up to those with 8,000 plus members and net assets exceeding £400 million. Our approach is to work alongside the trustees and their other advisers (administrators and/or investments managers) to enable you to fulfil your accounting and auditing requirements.
These are some of the things we can help with:
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.
Trustees’ Report
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.
Investment Report
The investment report is sometimes incorporated within the trustees’ report and may be drafted by investment advisors. However, it remains the responsibility of the trustees. Other reports and 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
