Pensions Accounting

Pension fund accounting is a specialist area with trustees required to produce a formal report and accounts which comply with a Statement of Recommended Practice issued by the Pensions Research Accountants Group and statutory disclosure requirements.

Accuracy is paramount as audited accounts are the basis for recommended funding rates included in any actuarial valuation and a formal record of the trustees’ stewardship.

Production of accounts in-house by trustees or reliance on smaller accountancy firms with limited experience or expertise may often be false economy and expose trustees to significant additional audit costs and penalties for missed deadlines.

Pension scheme members can request copies of the scheme report and accounts.

Spence & Partners’ specialist pension fund accounting team has many years experience in all aspects of accounting for pension funds allowing them to liaise with pension scheme administrations, auditors and investment managers to ensure that relevant and meaningful information is obtained and queries are responded to promptly and accurately.

These relationships together with our investment in marketing leading accountancy software and processes enable draft accounts to be prepared accurately and efficiently.

Acting in the role of Scheme Practitioner Spence & Partners will take responsibility for the completion of all necessary scheme tax returns to HMRC. The Pension Fund Accounting team have extensive knowledge of maintaining and reconciling scheme bank accounts, dealing with statutory authorities including HMRC, the Pensions Regulator and Pension Protection Fund and a comprehensive range of asset types including discretionary portfolios, hedge funds, limited partnerships, LDI vehicles, insurance policies, commercial and residential property etc.

Spence & Partners Pension Fund Accounting service is a real and cost effective alternative to your current provider. If you are interested in hearing more about the accounting services we can offer please contact Colette Sharpe who heads up our Pension Fund Accounting team