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Pensions

Baker Tilly works with pension scheme trustees, scheme management and corporate scheme sponsors.

Our partnership approach ensures that we stay aware of the issues and concerns that matter to them, which may include:

  • Pension scheme deficits and the steps necessary in monitoring the sponsor covenant to ensure that schemes are adequately funded to meet members’ needs
  • Maximising return on investment while maintaining and monitoring the appropriate balance between risk and return
  • The demands for scheme member data to be accurate and the controls necessary to keep it up to date
  • The challenges of the Automatic Enrolment proposals that began rolling out in October 2012
  • Communication and constructive engagement with scheme members
  • Communication with scheme sponsors to ensure that they remain aware of and understand their responsibilities towards pension scheme members
  • The ever increasing regulatory pressure and tighter standards of governance expected of scheme trustees

Industry expertise with international reach

  • Audit and assurance services which add value in respect of internal controls and regulatory compliance
  • Flexible and focussed covenant reviews to assess the financial strength of the scheme sponsor
  • Facilitated risk management reviews for Defined Benefit trustee boards to identify and address key risk areas
  • Focused Defined Contribution risk reviews to enable Trustees to demonstrate their compliance with the Regulator’s DC Principals
  • Facilitated governance reviews to ensure trustees are fully aware of their duties
  • Trustee training and the establishment of internal trustee training mechanisms
  • AAF01/06 reporting assistance for pension scheme administrators, investment managers and custodians
  • Taxation recovery, especially from overseas jurisdictions
  • VAT recovery to maximise scheme funding
  • Accounting services for schemes of all sizes and complexity
  • Forensic accounting support to assist in identifying fraud and enabling recovery.

Pensions fraud risk

Baker Tilly Pension’s Group are continuing to assess how fraud is impacting the pensions industry and we are dedicated to providing practical measures to help schemes mitigate their fraud risk. Below you can find the results from our latest annual report where we have aimed to provide the industry with an in-depth, comprehensive analysis of the risks that pension funds face from fraud.

Pensions Fraud Risk Report 2013

The risk of fraud in Pensions

Mitigating the risks of Defined Contribution

At Baker Tilly, we have developed a DC risk toolkit to enable Trustees to mitigate the risks associated with DC arrangements and which specifically assist with the governance around the Pension Regulator’s Six Principles for Enabling Good Member Outcomes. Click here to view our videos on how we can help you.

 DC Risk

Recent Publications

What is changing with pensions scheme accounts?
The Statement of Recommended Practice (SORP), Financial Reports of Pension Schemes is currently being revised and an Exposure draft of the revised SORP was published for consultation on 16 April 2014. Read about the changes here.

DC schemes may benefit from VAT exemption
There is good news for defined contribution pension schemes following the decision of the European Court (CJEU) in the ATP Pension Services case.  Read more here.

Funding DB – how balanced is your approach
In December 2013, TPR issued its draft code of practice on Funding Defined Benefits to reflect the balance of TPR’s new funding regime objective. How balanced is it and how balanced is your approach?

DC governance and TPR Code of Practice – managing risks
We are finding that trustees are now becoming more proactive in mitigating DC risk. Trustee discussions held at board level seem to be far more effective and far outweigh the delegation of this process to a nominated individual or adviser. Some common themes are emerging and many of these involve the processing of core scheme financial transactions.

HMRC UK VAT changes announced in response to European Case
How may the recently announced HMRC VAT policy change affect your scheme?