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Audit Services

For an overview of our Pensions Audit services read on, but for more information email: Amir Malik

The Pension Law Review Committee (Goode Committee) reviewed the framework of law and regulations within which occupational pension schemes operate and made various recommendations which were incorporated in the Pension Acts 1995. Most of the regulations became effective on 6 April 1997.

The Pensions Regulator has wide powers including:

• Suspension, disqualification and removal of trustees.
• Winding up pension schemes where necessary.
• Can impose penalties.

Compliance

Trustees are required to make available to members an annual report within seven months of the scheme year end containing:

• Trustees’ report.
• Financial statements.
• Actuarial statement and certificate (defined benefit scheme).
• Auditor’s report and statement on contributions.

The trustees’ report and investment report are required to contain the information specified in Schedule 3 to the Occupational Pension Scheme (Disclosure of information) Regulation 1996. The audited accounts and auditor’s statement on contributions is dealt with by the Occupational Pension Schemes (requirement to obtain audited accounts and a statement from the auditor) Regulation 1996.

The Booth Ainsworth Pensions Group provides first-class audit, tax and accountancy services to trustees of a range of occupational pension funds.

Our Services

There are different forms of pension schemes, organisational structures and financial systems, we recognise the need to provide a focused service to our clients, which is tailored to meet the individual requirements of the pension schemes and includes:

We provide an efficient audit service to ensure compliance with Pension Scheme Act legislating the recommended practice issued by accountancy bodies and Occupational Pension Regulatory Authorities.

Certain small self administered pension schemes are exempt from the requirement of audited accounts and for those schemes we provide a flexible service for preparation of annual accounts in accordance with the requirements of the Statement of Accounting Practice.

Annual Allowance

The current contribution limits for all pension schemes were abolished from 6th April 2006. An annual allowance limit will apply, and any increase in relevant pension benefits (to be known as pension input) in excess of this limit will be subject to an annual allowance charge of 40%.

The Annual Allowance Limits for the next five years have been set as follows:

Tax year 2006/07, Annual Allowance £215,000

Tax year 2007/08, Annual Allowance £225,000

Tax year 2008/09, Annual Allowance £235,000

Tax year 2009/10, Annual Allowance £245,000

Tax year 2010/11, Annual Allowance £255,000

All small self administered pension schemes and certain defined benefit schemes require completion of pension scheme’s tax return. We provide an efficient service for preparation of these tax returns and submit these to H M Inspector of Taxes on behalf of the Trustees.

We can assist the trustees of the pension scheme with various taxation requirements.

Through our financial services department we can provide advice on investments of the pension fund assets. We can guarantee independent and impartial advice and in our experience this not only protects the reputation of the pension schemes but also ensures the confidence of the pension scheme members.

All our clients benefit directly from the expert knowledge of our specialists. As well as having top quality auditing and technical skills, our team includes a tax and VAT expert.

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