Pensions Scheme Assurance

We are proud members of PLSA and PRAG and our clients range from Small Self Administered Schemes (SSASs) with only a few members to large Defined Benefit schemes with over £400m of net assets and several thousand members.

Occupational Pension Schemes today are subject to complex and often onerous regulations. Paying contributions on time, meeting legal responsibilities, monitoring investment performance and communicating with members are just some of the key issues faced by trustees running such schemes. Ensuring a scheme is run in an efficient and legal manner can be a very demanding exercise for the trustees and one that usually requires professional advice.

Our service includes:

• Preparing and auditing annual accounts.
• Checking that contributions due have been properly paid.
• Reviewing scheme compliance with current rules and regulations.
• Providing trustees with relevant training.

Employer Covenant Reviews for Defined Benefit Pension Schemes

Trustees of all occupational pension schemes providing defined benefits are now required to perform regular reviews of the financial strength of the sponsoring employer to ensure that it can meet its obligations to the scheme. These are referred to as Employer Covenant Reviews.

Our highly experienced team of Pensions specialists can assist Trustees throughout the United Kingdom in meeting their obligations. An external Employer Covenant Review provides Trustees with an independent assessment of the financial position of the employer and the risk that it may be unable to meet its obligations to the scheme.

An independent covenant review will be beneficial to the Trustees in their negotiations with the employer by providing guidance on what the employer can afford to pay and over what timescale. It will also assist the Trustees in considering whether steps should be taken to reduce the level of the risk-based Pension Protection Fund levy.

We are able to provide Trustees with a range of specialist support services including:

• Desktop review, based on publicly available information.
• Detailed review, involving the review of confidential company management information.
• Assisting with the trustees’ ongoing monitoring of the covenant.
• Review of proposed transactions eg company merger or other corporate transactions.
• Assistance with the negotiation of a recovery plan.