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In a continually evolving pensions landscape, trustees place a lot of importance on reliability and audit quality. Consistently delivering high quality audits in line with the requirements of applicable professional standards within a strong system of quality control is critical to trustees.
KPMG’s national accredited team adds value to your audit requirements at a competitive price. Our industry leading approach will provide you with informed and effective reporting together with enhanced feedback from our specialist teams. We provide pension audit and assurance services to over 420 pension schemes across the UK, including more than 30% of the top 100 UK pension schemes.
Covering a wide variety of pension schemes, we audit defined benefit, defined contribution, hybrid, master trusts, and AAF reports. Our third-party assurance services support pension scheme trustees/managers test and prove the effectiveness of the management controls in place. We have the professional experience to provide specialist support for master trusts, internal controls (AAF 01/20) and assurance reporting on master trusts (Tech 05/20).
Furthermore, at KPMG, we extensively engage with the Pensions Research Accountants Group (PRAG) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are at the forefront of regulatory and accounting change, and our dedicated technical team keeps our teams and scheme trustees up to date with key topics in real time.
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Pension assurance services
At KPMG, we have the expertise to provide a range of additional assurance services to pension scheme trustees, depending on your needs.
Accounting and regulatory updates
Get training and updates tailored for audit committees, trustee boards and all seminar groups. We also provide services like accounting and regulatory advice, review of financial statement disclosures, advice on the revised SORP, regulatory compliance reviews and AAF 01/20 and Tech 05/20 accreditation.
Leading practice and governance reviews
At KPMG, we assist you with recommendations on improvements and efficiencies in all aspects of scheme governance and operations. Our services also include assistance in meeting and exceeding TPR’s Codes of Practice, assurance reporting for master trusts and employer covenant reviews.
Tax
We provide tax advisory services to UK pension schemes on all direct tax issues, e.g., UK income tax, overseas withholding tax and corporation tax. Areas where KPMG has advised include SA 970 tax returns, withholding tax reclaims, CRS and FATCA forms, US tax returns, and tax reviews of alternatives assets.
Financial and governance controls
Using our industry leading benchmarking analysis, we at KPMG, provide you with constructive and proactive feedback on your financial controls vis-a-vis best practice and controls implemented by your peer group/counterparts in the industry.
Risk management
Our portfolio of risk management services includes – helping you comply with TPR’s expectations, getting more from the risk management process and linking it to the controls and governance framework, and advice on embedding risk management into trustee business and operations.
Internal audit
Leveraging the full range of specialist skills available, we provide outsourced, or co-sourced support to help pension schemes meet their governance and assurance requirements whilst strengthening their three lines of the defence model.
DC governance
We provide you with a health check of the scheme’s DC control framework. Our services also include assisting you in complying with TPR’s Codes of Practice; specifically, Code of Practice 13 and related guidance.
Thought leadership
Although we await the publication of TPR’s Single Modular Code which will cover the governance regulations introduced on the back of IORP II, we feel internal audit will be an important development for trustees. See our brochure for more detail on how pension schemes can use internal audit.
Changes to Statements of Investment Principles and the development of ESG and climate change policies are on every trustees’ agenda this summer – but how does this impact the trustees?
Throughout the year we hold various events for trustees, scheme accountants, scheme managers and technicians. If you would like to receive notifications of new events, please sign up to the Pension Insights mailing list via the KPMG preference centre.
