Audit of Pension Funds

Why the Audit of Pension Funds is More Crucial Than Ever

As financial security becomes even more paramount in the UK, with its aging population, the importance and significance of the audit of pension funds cannot be overstated.

These audits are essential not just for ensuring the financial health of pension schemes but also for maintaining compliance with the regulatory standards set by The Pension Regulator (TPR).

As a specialist firm focused on pension scheme audits, it’s our duty at Assure UK to work with pension scheme trustees and administrators to help ensure that every pension fund we audit for them meets and exceeds these expectations.

The Cornerstone of Financial Health and Compliance

Pension fund audits serve a dual purpose: protecting pension scheme members’ interests and ensuring adherence to the legal and regulatory frameworks that have been defined for them.

The Pension Regulator underscores the necessity of accuracy in financial statements, proper valuation of investments, and strict adherence to scheme policies.

Therefore, the audit of pension funds is not just about ticking boxes; they’re about safeguarding people’s futures.

Meeting and Surpassing TPR’s Expectations in the Audit of Pension Funds

TPR demands transparency, thoroughness, and a proactive approach to risk management in pension fund audits.

An approach that is only set to grow with the new General Code of Practice (previously known as the Single Code of Practice).

Its guidelines emphasise the importance of governance, scrutinising investment performance, and efficient processing of pension contributions.

At Assure UK, we don’t just meet these expectations—we aim to surpass them. Our team’s expertise means we’re always a step ahead, identifying and mitigating potential issues before they become problematic.

Audit of Pension Funds: The Assure UK Edge

What sets Assure UK apart in the realm of pension audits?

We believe its our unique blend of experience, skill, and above all, commitment to customer first levels of service.

Customers often complement us on how helpful and responsive our team are. Especially in comparison to other pension audit teams that are part of large accountant firms, rather than a dedicated specialist organisation.

On top of this our team is (obviously) well-versed in TPR’s guidelines, and through our expertise and experience, bring advanced analytical and management skills to every audit of pension funds that we do.

This proficiency allows us to offer unparalleled insights and solutions, ensuring our clients’ funds are not just compliant but optimised for future success.

Our approach offers several key benefits:

  • Enhanced Compliance: We ensure your pension fund meets all regulatory requirements, reducing the risk of penalties.
  • Improved Fund Performance: Our insights can help identify opportunities for better returns and more efficient fund management.
  • Peace of Mind: With Assure UK, trustees and scheme members can rest assured their interests are protected by thorough and proactive audits.

A Commitment to Excellence

In conclusion, the audit of pension funds is a critical process that demands expertise, diligence, and a deep understanding of regulatory expectations.

Plus, we have found, it works best when there is a close working partnership between the Trustees and the Auditors.

At Assure UK, we pride ourselves on exceeding these standards, while also providing our customers with the best possible service.

If you’re a Pension Trustee or Pension Administrator looking for an expert audit partner look no further than Assure UK.

Let us help you ensure your pension fund is secure, compliant, and poised for success.

Contact us today to learn more about how we can assist you.

Call: 020 7112 8300

Emailinfo@assureuk.co.uk