Pensions audit and non-audit assurance

Overview

Rapid change in areas such as investment strategy, legislation, accounting, systems and administration, alongside rigorous debate on actuarial assumptions, governance and risk management make for challenging times for Trustees. Focusing on the achievement of optimum outcomes for their members but at the same time needing to work with scheme sponsors with challenges of their own, Trustees need to ensure that they manage their scheme and its operations effectively.

We are able to provide Trustees with a cost effective, efficient and quality-driven audit underpinned by our investment in technology. The depth and breadth of our client base provides us with the evidence-based insight and opinion Trustees are looking for when comparing how they manage their schemes and responding to external events with their peers.

As a national practice of pension specialists, both in audit and non-audit assurance (internal audit), we are able to deliver the service you require wherever your location or that of your administrators.

How we can help

  • Quality and efficiency is as important to you as it is to us. Your audit is delivered using pension-specific audit software, with both your team and ours supported by a dedicated project management tool to facilitate the secure exchange of your data and effective project delivery. 
  • You can benchmark your scheme against its peers using our internal controls benchmarking tool; results are shared with you as part of our formal reporting process. 
  • Where possible we offer 100% assurance using data enabled auditing which gives you increased comfort over key balances eg investment valuations (using our valuation tool ‘Market Value Direct’) or contributions testing. Our software has inbuilt capabilities to analyse, interrogate and test your data. 
  • Should you require greater insight into the pricing of your portfolio, we can determine how conservatively (or otherwise) it is valued compared with market averages. We use our award-winning tool “Halo for Funds” to do this. We are committed to seeking out new opportunities and invest further in technology as the audit environment evolves.  
  • Working with independent/relevant trustees, master trusts, administrators and other providers to the pensions industry, we are able to deliver independent controls assurance reporting on AAF 01/06 and AAF 02/07 engagements. 
  • Whether you are looking for assurance over an investment transition, a scheme sectionalisation or ‘deep dives’ on a particular focus area for example the calculation of benefit payments, we are able to help. We have deep experience of various specific projects and involve other pensions specialists when required.
  • Should you need assistance in delivering trustee training, we can provide bespoke training on a variety of pensions-related topics as well as helping you to run trustee self–assessment exercises and other similar projects.
  • As schemes are now operating increasingly in a digital world, we can introduce you to PwC specialists who will assist you in conducting cyber and GDPR ‘readiness’ reviews.  
  • Our internal audit services are tailored to your scheme and delivered to you by pension specialists, assisting you in reviewing and/or implementing your risk management framework and helping you to embed robust processes and controls. 
  • We can provide support for you and your teams in assessing and testing the design of scheme controls to mitigate against your key risks, including those related to outsourced providers. We can map your key risks to the type and level of assurance you have in place so that you are well-positioned to address any gaps in your assurance framework. 
  • Good scheme governance supports and guides trustees in discharging their responsibilities. We can assist you in reviewing your current governance structure and determining where changes could be made.
  • We are committed to our clients and to pensions thought leadership through our work on the SORP, our involvement with the master trust framework 

Contact us

Felicity Rees

Felicity Rees

Cardiff Market Senior Partner & UK Pensions Assurance Practice Leader, PwC United Kingdom

Tel: +44 (0)7738 552189

Follow us