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Annual reporting challenges as deadline looms for pensions trustees’

The current market uncertainty comes at the peak time for signing pension scheme accounts, bringing a further challenge for trustee boards already struggling with the volatile economic climate. The annual reporting deadline is 31 October for accounting years ending on 31 March, and 5 November for those ending on 5 April. RSM UK recommends trustee boards take action now to facilitate discussions with auditors and smooth the accounts approval process.

Philip Briggs, pensions audit partner, RSM UK said: ‘Many trustee boards will have assumed that the approval of their accounts would be a routine process, but recent events mean trustees will need to consider two key areas now which are likely to be affected – events after the reporting date, and going concern.’

Philip Briggs continues: ‘For events after the reporting dates, trustees should ensure that narrative disclosure is provided to meet the financial reporting requirements and ensure consistency with any other wider narrative to members.’

To facilitate a smooth accounts sign off process, trustees are advised to:

Philip Briggs concludes: ‘Trustees might have thought that the normally routine process of finalising and approving the annual report and accounts was the only straightforward item on their agenda, but recent events have made this a complex process, so an early and open dialogue with auditors is recommended to help get the task done more easily.’

authors:philip-briggs