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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. 

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 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 enhanced feedback from our specialist teams. 

Covering a wide variety of pension schemes, we audit:

  • defined benefit, defined contribution and hybrid schemes
  • master trusts
  • AAF reports.

Our third-party assurance service team helps 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 master trusts (AAF 05/20).

What’s more, we’re at the forefront of regulatory and accounting change, thanks to our engagement with the Pensions Research Accountants Group (PRAG) and Institute of Chartered Accountants in England and Wales (ICAEW). This means our dedicated technical experts can keep 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.

Accounting and regulatory updates

We offer tailored training and updates for audit committees, trustee boards and all seminar groups. And we provide services 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

We’ll recommend improvements and efficiencies in all aspects of scheme governance and operations – including meeting and exceeding TPR Codes of Practice; assurance reporting for master trusts; and employer covenant reviews.

Tax advisory services

We advise UK pension schemes on all direct tax issues, including UK income tax, overseas withholding tax and corporation tax. Our advice covers SA 970 tax returns, withholding tax reclaims, CRS and FATCA forms, US tax returns, and tax reviews of alternative assets.

Financial and governance controls

Using our industry-leading analysis, we’ll benchmark your financial controls against best practice, and against those implemented by your peer group and industry counterparts.

Risk management

We can help you to comply with TPR expectations. We’ll also enable you to get more from your risk management process; link it to your controls and governance framework; and embed risk management into your trustee business and operations. 

Internal audit

We draw on a wide range of specialist skills to offer outsourced or co-sourced support to meet governance and assurance requirements – and to strengthen your three-lines-of-defence model.

DC governance

We offer a health check of your scheme’s DC control framework. And we’ll help you to comply with the relevant TPR Codes of Practice – specifically, Code of Practice 13 and related guidance.

Audit insights

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