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Audit & Accountancy

Pension Schemes Audit

Turbulence in the economy, whether due to pandemics or recessions, means that a robust pension pot is more important than ever for those wishing to enjoy a comfortable retirement.

Organisations must place a focus on assessing whether the pension schemes they’re offering to their employees are fit for purpose and providing a steady income for the people that keep the business going.

What is a pension scheme audit?

A pension scheme audit is a review of your business’ pension scheme. This type of audit is carried out to ensure that your chosen plan is fit for purpose, for example identifying any potential risks, errors or weaknesses that could cause issues down the line.

Audits are carried out by experienced teams who specialise in this area, and at Edwards Accountants, you can rest assured that our pension audit team will ensure your pension schemes are suited to your business as a whole.

Why does my business need a pension scheme audit?

Your business has a duty to ensure that the pension scheme you offer to employees fulfils its duty when the time comes for it to be paid out. This means it is essential for the scheme to be checked rigorously to decide whether it is suited to your business and its people.

By deciding to carry out a pension scheme audit, you can get a clearer picture of the security of the plan you have chosen and give your employees peace of mind that their contributions are safe.

What are the benefits?

Not only will you be more secure in the knowledge that your employees’ pension contributions are safe, but an audit can help you identify any potential pitfalls that affect your business’s finances as a whole.

It can also identify and recommend a plan that suits your business and its people better than your current choice, which can help you save time, money and hassle.

How can we help?

At Edwards Accountants, our audit approach is tailored to each scheme, which helps to provide an excellent, yet cost-effective, standard of service. Not only do we act for large and small schemes, defined benefit, defined contribution and hybrids, but we can also prepare full trustees reports and accounts in addition to carrying out a statutory audit.

Attendance at trustees meetings is also an integral part of our service, allowing us to provide the very best advice and feedback from the audit process.

We understand the responsibilities placed on scheme administrators and trustees and aim to assist and support them fulfil these responsibilities, providing additional services such as business advisory, secretarial support and assistance with reviewing your payroll systems. These additional services allow us to provide an all-round, holistic service for your business, guiding you through the evolution of your company and its service offering.

To get in touch with a pension audit specialist, speak to a member of our team today.

 

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