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In a continually evolving pensions landscape, trustees demand reliable, high-quality audits – consistently delivered to professional standards, and within a strong system of quality control system.  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.

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.

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, and 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 and hybrid schemes
  • master trusts
  • AAF reports.

Our third-party assurance services team support helps pension scheme trustees and managers to test and prove the effectiveness of their management controls. We have the professional experience to provide specialist support for :

  •  master trusts
  • internal controls (AAF 01/20)
  • assurance reporting on mMaster tTrusts (AAF 05/20).

Furthermore, at KPMG, we extensivelyWhat’s more, we’re at the forefront of regulatory and accounting change, thanks to our engagement 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 This means our dedicated technical team experts can 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

We offer tailored training and updates tailored for audit committees, trustee boards and all seminar groups. We also provide And we provide services like such as accounting and regulatory advice;, reviews of financial statement disclosures;, advice on the revised SORP;, regulatory compliance reviews; and AAF 01/20 and AAF 05/20 accreditation.

Practice and governance reviews

At KPMG, weWe’ll assist you with recommendations on improvements and efficiencies in all aspects of scheme governance and operations –. Our services also  includinge assistance in meeting and exceeding TPR’s Codes of Practice;, assurance reporting for master trusts; and employer covenant reviews.

Tax advisory services

We provide tax advisory services toadvise UK pension schemes on all direct tax issues, e.g.,including UK income tax, overseas withholding tax and corporation tax. Areas where KPMG has advisedOur advice covers 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’ll  benchmarkat KPMG, provide you with constructive and proactive feedback on your financial controls vis-a-viagainst best practice, and against those controls implemented by your peer group and/ industry counterparts in the industry.

Risk management

Our portfolio of risk management services includes helpingWe can help you to you comply with TPR’s expectations. We’ll also enable you to getting more from the your risk management process;, linking it to the your controls and governance framework;, and embedding risk management into your trustee business and operations. 

Internal audit

We draw on Leveraging the fulla wide range of specialist skills available,to offer we provide outsourced, or co-sourced support to  help Pension schemes meet governance and assurance requirements whilst – and to strengthening your three- lines- of- the defence model.

DC governance

We offer provide you with a health check of the your scheme’s DC control framework. Our services also include assisting you inAnd we’ll help you to complying with the relevant TPR’s Codes of Practice; –  specifically, Code of Practice 13 and related guidance.

Audit insights

Thought leadership

Internal audit will be important for trustees as Although we await the publication of TPR’s Single Modular Code which will cover theon 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 Statement of Investment Principles, and the development of ESG and climate change policies, are high on every trustee’s agenda. But how do these developments impact trustees?

We hold events for trustees, scheme accountants, managers and technicians throughout the year. If you’d like to receive updates about these, please sign up to the Pension Insights mailing list via the KPMG Preference Centre.




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