How Much is a Pension Scheme Audit Going to Cost?

Pension Scheme Audit Prices

What is the price of a pension scheme audit?

This, of course, is always one of the first questions a pension trustee or pension administrator has when starting the research process for a pension scheme auditor.

At Assure UK, we’ve received this question hundreds of times, likely within the first couple of minutes of any conversation we’ve had with a pension trustee or pension scheme administrator.

Pension Scheme Audit Price - a white note pad with the words How Much Does it cost? written on it

We get it.

Price matters (along with many other factors).

It can certainly dictate what pension auditor and what additional pension auditing services you’re able to access in the long run.

You need to be able to develop an initial budget and plan for the service costs, no matter which pension auditor you choose.

The problem with answering this question is the fact that a pension scheme audit has so many variables it can be tough to truly know the price to perform your pension scheme audit.

Let’s give you some realistic price ranges as to what most pension trustees will spend.

And remember, these pension scheme audit prices are average. That is, pension scheme audit prices can vary drastically depending on the pension audit service provider, the region, the complexity of the pension scheme, etc.

How much does a pension scheme audit cost?

Most pension scheme audits are priced between £4,000 and £80,000.

This include attendance at the pension trustee meeting and basic pension audit management reporting.

As with any other audit service, this can increase dramatically when you add reviews, the addressing of specific risks such as third parties, delays, additional pension audit procedures, and so on.

All I want is a basic pension scheme audit

Occasionally a pension trustee wants to buy a basic pension scheme audit.

But even these will vary by the size of the pension scheme being audited.

Our market insight is that they will be priced along these lines:

  • Small pension scheme audit (£2 million – £100 million): £4,000–£15,000
  • Medium pension scheme audit (£100 million to £1 billion): £10,000–£30,000
  • Large pension scheme audit (Over £1 billion): £40,000–£250,000

Keep in mind these price ranges do not include out of pocket expenses which can add up to an additional 10% to the price of the pension scheme audit.

Note: all of these numbers and prices are very general. They are based on our experience of being a specialist in pension scheme audits, where we have been approached by pension scheme trustees often looking for a better pension scheme audit price than they are being offered by their incumbent pension scheme auditors.

If you are a pension scheme trustee and find yourself in a position of a large increase in your pension scheme audit price, we are happy to provide you with our quote so that you can at least compare prices.

Call us on 020 7112 8300 email or book a meeting.

About Assure UK

Assure UK is a leading specialist pension audit and assurance reports accountancy, supporting a broad range of pension trustees, administrators, and managers across the UK.

For more information about our services or advice on how to improve your pension audits and assurance reporting, please connect with us on social media, sign up for our newsletter, and regularly visit our website.