The pensions landscape has undergone profound change over the past three decades.
The old certainties of defined benefit schemes have largely disappeared while the governance standards of all schemes have been raised ever higher and policed with ever greater vigour.
This has all been good news for scheme members but has placed a much heavier burden on employers and trustees.
Among the key requirements for schemes is to report annually to the Pensions Authority. For schemes with more than 100 members, a full audit is required. Smaller schemes need only submit an accountant’s report. However, the areas covered by both are much the same and more and more schemes are reaching the 100-member threshold as deferred members and retirees swell numbers.
The Grant Thornton Pension Audit team has vast experience in managing schemes and preparing annual reports on them for clients. These reports are presented to the various stakeholders including the members, the employer, the trustees, and the Pensions Authority each year. We cover investment performance, where those investments held, asset movements, contributions, member movements in and out etc.
Crucially, we ensure that everything is as it should be – that employers are meeting their obligation with regard to contributions, that members’ instructions in relation to investment choices are being carried out, that investments are held where they should be, that transfers in and out are carried out properly, and that members receive the correct benefits, entitlements and advice on retirement.
In addition, we ensure that trustees meet their obligations both in terms of scheme management and in respect of continuing professional development. We also report on governance standards ensuring that meetings are held and properly recorded. As part of our service we can assist trustees in meeting those obligations.
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