Our Pension Schemes Manual provides you with the current and permanent file programmes needed to undertake an audit of a defined benefit, defined contribution pension scheme or hybrid scheme.
The manual also includes:
- an accounts disclosure checklist covering the requirements of the Pensions SORP
- guidance notes that summarise the current legal accounting, auditing and reporting requirements for pension schemes.
This manual is also suitable for an ear-marked pension scheme which does not need to have a true and fair audit but where only a report on the contributions schedule is required.
The documentation included within the Pension Schemes Manual may also be tailored and used on audit exempt assignments.
Our Pension Scheme Manual can be browsed online or sections of content or commentary can be downloaded in Microsoft Word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
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Manual Details
Content
- Guidance notes that provide you with essential background knowledge on the nature of different types of pension scheme and the legal and regulatory framework of the pensions sector. Guidance is also provided on how the auditor should approach the audit of a pension scheme.
- Example engagement letters for statutory and non-statutory audits, earmarked schemes and non-audited schemes. There are also letters of appointment, resignation and an example letter of representation.
- Example auditor's reports and a statement about contributions, along with a statement of trustees' responsibilities.
- Example pro-forma accounts for both defined benefit and defined contribution schemes as well as hybrid schemes.
- A pensions accounts disclosure checklist in accordance with the Pensions SORP and applicable pension schemes regulations.
- Permanent file documentation that provides a structure for your permanent files and outlines the information required which is of continuing importance to an audit assignment over a number of years.
- Pensions specific current file documentation that provides you with the planning, completion and detailed work programmes needed to undertake a defined benefit or defined contribution pension scheme audit. Lead schedules and a current file index are also included, along with a simplified programme for use on earmarked schemes.
- Supplementary forms that provide additional resources that may be useful for certain scenarios, including a file review checklist.
Latest Update
September 2025
The principal technical changes in this update include additional support for those utilising Audit Data Analytics (ADA) within their audit work.
February 2025
The principal technical changes in this update include:
- Enhancements to example letters.
October 2024
The principal technical changes in this update include revisions to reflect the new Pensions Regulator General Code of Practice which came into effect on 28 March 2024.
June 2024
The principal technical changes in this update include:
- Revisions in accordance with the FRC's Revised Ethical Standard;
- Changes to ISA 505 External Confirmations; and
- Best practice amendments.
February 2024
The principal technical changes in this update include:
- Removal of content for periods commencing before 15 December 2021 as this is no longer relevant; and
- Best practice amendments.
September 2023
The principal technical changes in this update include:
- The introduction of a new (optional) statistical sampling approach; and
- The restructuring of the guidance notes.
February 2023
The principal technical changes in this update include the removal of content relating to the now superseded ISQCs and consequential amendments arising as a result of this.
In addition, a number of minor amendments / improvements have been made to other sections of the package, including updating engagement letters to reflect latest guidance.
April 2022
This major update to the manual principally incorporates:
- ISA (UK) 315 (Revised July 2020) Identifying and assessing the risks of material misstatement;
- ISA (UK) 240 (Revised May 2021) The auditor’s responsibilities relating to fraud in an audit of financial statements;
- Consequential amendments as a result of the new quality management standards;
- Amendments to guidance as a result of a number of regulatory and legislative changes, including the release of guidance from PRAG since the last manual update.
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