Pension Scheme Audit Services - Occupational Pension Scheme Audits
Comprehensive pension scheme audit services for occupational pension schemes, ensuring compliance with Pensions Act requirements and regulatory standards. Expert pension scheme auditors with deep understanding of pension fund accounting and reporting.
Occupational pension schemes are subject to strict regulatory requirements under the Pensions Act, requiring annual audits to ensure compliance with statutory obligations and provide assurance to trustees, members, and regulators. Acumon provides comprehensive pension scheme audit services, combining regulatory compliance expertise with deep understanding of pension fund accounting and reporting requirements.
Understanding Pension Scheme Audits
Pension scheme audits are mandatory for most occupational pension schemes, providing independent assurance on the scheme's financial statements, compliance with regulatory requirements, and the effectiveness of internal controls. These audits are critical for protecting members' interests and ensuring trustees meet their fiduciary responsibilities.
Our pension scheme audit services are designed to meet the specific requirements of occupational pension schemes, including defined benefit (DB) schemes, defined contribution (DC) schemes, and hybrid arrangements. We understand the unique challenges facing pension schemes, from complex actuarial valuations to regulatory compliance and member communication requirements.
Pension Scheme Audit Requirements
Pension scheme audits must comply with a range of statutory and regulatory requirements, including:
- Pensions Act 2004: Statutory audit requirements for occupational pension schemes
- Pensions Regulator Requirements: Compliance with Pensions Regulator guidance and regulatory standards
- Pension Fund Accounting Standards: Application of pension fund accounting standards and SORP requirements
- Trustee Reporting: Verification of trustee reporting to members, employers, and regulators
- Actuarial Valuations: Review of actuarial valuations and funding assessments
- Investment Compliance: Assessment of investment compliance with scheme rules and regulatory requirements
Our Pension Scheme Audit Services
Statutory Pension Scheme Audits
Comprehensive statutory audits for occupational pension schemes, ensuring compliance with Pensions Act requirements and providing independent assurance on financial statements and regulatory compliance.
Defined Benefit (DB) Scheme Audits
Specialist audits for defined benefit schemes, including review of actuarial valuations, funding assessments, and compliance with DB-specific regulatory requirements.
Defined Contribution (DC) Scheme Audits
Expert audits for defined contribution schemes, verifying member account balances, contribution compliance, and investment performance reporting.
Pension Fund Financial Statements
Preparation and audit of pension fund financial statements in accordance with pension fund accounting standards and SORP requirements.
Trustee Reporting Verification
Verification of trustee reporting to members, employers, and regulators, ensuring accuracy and compliance with statutory requirements.
Regulatory Compliance Assessment
Comprehensive assessment of compliance with Pensions Regulator requirements, scheme rules, and statutory obligations.
Key Areas of Pension Scheme Audit Focus
Our pension scheme audits focus on critical areas ensuring regulatory compliance and protecting members' interests:
- Contributions: Verification of employer and member contributions, ensuring compliance with scheme rules and statutory requirements
- Benefits Payments: Assessment of benefits payment processes, ensuring accuracy and compliance with scheme rules
- Investment Management: Review of investment management arrangements, compliance with investment strategy, and performance reporting
- Actuarial Valuations: Review of actuarial valuations and funding assessments, ensuring compliance with statutory funding requirements
- Internal Controls: Evaluation of internal controls over contributions, benefits payments, and investment management
- Regulatory Reporting: Verification of regulatory reporting to the Pensions Regulator and other relevant bodies
- Member Communication: Assessment of member communication processes and statutory disclosure requirements
Why Choose Acumon for Pension Scheme Audits
Pension Scheme Expertise
Deep understanding of pension scheme regulations, accounting standards, and regulatory requirements, ensuring comprehensive compliance assessment.
ICAEW Registration
ICAEW-registered audit firm with the regulatory standing and expertise required for pension scheme audits.
Trustee-Focused Approach
Understanding of trustee responsibilities and fiduciary duties, providing audit services that support effective scheme governance.
Efficient Audit Process
Streamlined audit processes minimising disruption to scheme administration while ensuring comprehensive compliance assessment.
Clear Reporting
Clear, actionable audit reports and recommendations supporting trustees in meeting their regulatory obligations and improving scheme governance.
Ongoing Support
Ongoing support and advice on pension scheme accounting, regulatory compliance, and governance matters.
Pension Scheme Audit Process
Our pension scheme audit process is structured to provide comprehensive compliance assessment while supporting effective scheme governance:
- Planning and Scoping: Initial assessment of scheme structure, regulatory requirements, and key risk areas, development of tailored audit approach
- Financial Statements Review: Comprehensive review of pension fund financial statements, ensuring compliance with accounting standards and SORP requirements
- Contributions and Benefits Testing: Detailed testing of contributions, benefits payments, and member account balances
- Investment Compliance Assessment: Review of investment management arrangements and compliance with investment strategy and regulatory requirements
- Regulatory Compliance Verification: Verification of compliance with Pensions Act requirements, Pensions Regulator guidance, and scheme rules
- Reporting: Preparation of audit report for trustees, including findings, recommendations, and management responses
- Follow-Up: Ongoing support addressing audit findings and implementing recommendations to strengthen scheme governance and compliance
Next Step
Get in touch with our team today to discuss your pension scheme audit requirements. Our expert pension scheme audit team will help ensure your scheme's compliance with regulatory requirements while supporting effective trustee governance.