Pension scheme audits

Trusted expertise in pension scheme audits

At Price Bailey, we provide reliable pension scheme audits across the UK. Our specialist team ensures accuracy, compliance and client satisfaction, helping trustees manage their responsibilities with confidence.

If you’re a trustee, we understand the challenges of your highly regulated role. We work with pension schemes of all sizes, from fully outsourced to self-administered, tailoring our approach to meet your specific needs.

Our audits keep you informed, while minimising disruption.

A pension scheme audit ascertains the truth and fairness of the accounts. Pension schemes must prepare accounts and make them available to members within seven months of their year-end.

Most pension schemes require an audit under pension regulations. Occupational pension schemes with two or more members must have an annual audit. However, some small, self-administered schemes with fewer than 12 members – where all members are trustees and meet certain conditions – are usually exempt. The need for an audit is not based on contributions made into the pension scheme.

An audit provides assurance that trustees are managing members’ assets properly. At Price Bailey, we have been providing pension scheme audits for years, only losing clients when their schemes have closed.

How has the pension audit landscape changed recently?

Overall, the pension audit landscape has remained stable. However, foreign benefit pension schemes are becoming rare due to high costs. Additionally, some clients are starting to close their schemes, as defined benefit schemes have become too expensive to maintain.

Why our pension schemes stand out…

We pride ourselves in delivering reliable, hassle-free pension scheme audits that meet compliance requirements while minimising disruption to your business. Our clients trust us to get the job done right – on time and at a fair price.

Our teams have years of experience auditing pension schemes of all sizes, and we understand the regulatory challenges trustees face, offering a depth of knowledge that ensures our audits are conducted efficiently and accurately.

Many of our pension scheme audits are linked to company audits we are already conducting, and while we provide this as an added service, we keep the audits entirely separate, including appointing different lead Partners and Managers to maintain complete independence and objectivity.

What risks can be uncovered during pension audits?

Pension audits can highlight key risks, particularly around payments leaving the scheme. Being on the receiving end of fraud is a significant concern for pension schemes, with cases of scammers convincing members to transfer their funds inappropriately. That’s why we rigorously verify all outgoing payments, ensuring every transaction is legitimate and properly authorised.

We can help

Get in touch

The process of our pension scheme audits

We follow a structured approach to ensure your pension scheme audit is completed efficiently and accurately:

Pre-audit meeting

This initial meeting, which can take place before or after the year-end, sets the groundwork for the audit. We:

Establish a clear plan and timeline to meet statutory deadlines.
Discuss key events or changes that have happened/foresee will happen during the year.
Outline the information required when it’s needed.
Coordinate with third parties, such as investment providers, if necessary.

Begin the audit work

Audit work starts once the information is provided to us. While pension scheme information often arrives to us gradually, we aim to follow the agreed timeline as closely as possible to avoid delays.

Audit sign off

For larger pension scheme, we conclude the audit with a meeting to present our findings. As part of finishing the audit, we provide:

An audit report on the truth and fairness of the accounts.
A statement certifying that contributions have been received and paid into the scheme in line with the statement of contributions.
A detailed management letter summarising any additional findings or recommendations.

What are some frequently asked questions our pension scheme auditors receive?

How long does the pension scheme audit process take?

The duration of the audit depends on several factors, such as:

The size of the scheme.
Whether third parties, like investment providers, are involved.
How quickly we receive the required information.

While the timeline varies, audits are always completed before the statutory deadline of seven months after the year-end. The speed of completion largely depends on how quickly clients can provide the necessary information.

What information do you need?

The below is an example of the information we require to carry out a pension scheme audit:

Trial balance (if prepared; if not, we can work directly with books and records).
Investment reports.
Bank statements and cash book.
Retirement and transfer-out documentation.
Minutes of trustee meetings.
Member details.
Actuary evaluation.
Schedule of contributions.
Pension payroll reports.

Providing this information promptly helps us ensure a smooth and efficient audit process.