Menzies’ specialises in the audit of pension schemes. The pensions team includes dedicated partners and managers, supported by a strong team of pension specialists behind them.
Our pension team already provides audit, accounts and technical advice to a wide range of schemes including final salary, money purchase, hybrid and small self-administered schemes. These include services for the schemes of many household names and listed companies.
As part of our audit process, we also look to highlight any issues to the Trustees where improvements could be made to the reporting or record keeping of the scheme.
Examples of issues that we have identified during the audit of pension schemes that we act for and which were raised to the Trustees in our management letter following the audits include:-
- The incorrect calculation of pension increases for a particular category of pensioners
- The incorrect commutation factors being used for the lump sum cash benefits calculated for retiring members
- Identification of members who have not responded to written confirmation of existence tests which subsequently led to a restatement of membership numbers
Menzies offer a variety of other services to pension schemes including :-
- Covenant reviews
- Preparation of monthly/quarterly management accounts for Trustees
- Advice on accounting systems
- Attending Trustees meetings to present the report and accounts and answer any questions that the Trustees may have regarding the accounts and audit process
- Pensions payroll.
Menzies only use staff who are specifically trained for pension scheme audits. All staff involved in pension scheme audits attend specialist pension CPD training courses run by external experts. There are regular pension team meetings to ensure that knowledge is shared.