Pensions
Since the mid 1990s pension scheme audits have become much more high profile and Tenon Audit is at the forefront of ensuring that standards are maintained. We act for hundreds of pension schemes throughout the UK. This includes a wide range of different types and sizes – Tenon Audit handles final salary schemes, defined contribution schemes, insured plans, hybrid plans and small self-administered schemes. Our largest client has assets of over £800 million whilst we also act for many single member schemes.
Our experts understand the responsibilities of pension trustees under the Pensions Act and, in particular the requirements of the Occupational Pensions Regulatory Authority (OPRA) and its successor, the Pensions Regulator. Much of our work involves working alongside some of the UK’s leading consulting actuaries and pensions scheme administrators.
Tenon Audit provides pension scheme trustees with the highest possible level of independence in their audit, which is particularly important given the increasing worries about occupational pension schemes and the actions that employers and trustees are contemplating to address the funding gaps that have emerged in recent years.
We know that the needs of Pension Schemes are complex and unique and our audit teams combine specialist skill with business passion. The Pensions Sector continues to evolve and we continue to provide practical help and guidance to many trustees and employers, helping them to interpret and implement these changes as they occur.
We work hard with the trustees to help them comply with the regulations and so avoid investigations from OPRA. This seems to be an area where there is much confusion and many of the major financial institutions and consultancies seem unable to provide the practical advice that trustees and employers need.
As the scheme's auditors, we have a statutory duty to notify OPRA of material breaches of the regulations that we find, but we see our primary duty as being to help the trustees avoid falling foul of the rules in the first place. With access to our own in-house Pension Trustees and Independent Pensions Advisers, we are ideally placed to help.
Part of our service is to keep trustees and employers updated with key information and developments relevant to their needs. To this end, we produce regular newsletters and put on seminars and workshops as the need arises.
Practical advice and help is never far away: being a national practice we have focused our pensions work from regional offices in Southampton, Chorley, Edinburgh, London, Nottingham and Sunderland. This has allowed specialist knowledge to be developed that ensures any audit is completed by staff who know the sector and its issues. Our services at each of these offices are led by a specialist pensions director who would be pleased to meet with you to discuss your requirements.
