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DC pension audit
Independent compliance and governance reviews for your DC scheme
Whatever type of DC pension scheme you operate, regular reviews are essential to identify risks, protect members and avoid costly errors.
Led by our DC pension consultants and deep data analytics, our pension scheme audits are tailored to your needs – from high-level strategic checks to detailed reviews of specific areas of concern.
Common DC audit focus areas include pensionable pay definitions, taxation of employee contributions, salary exchange arrangements, employer contributions during parental leave and automatic enrolment compliance.
The risk of audit errors
The risk of errors when auditing a DC scheme increases significantly during scheme transition, scheme design, payroll system changes or changes in key personnel. Corporate transactions are another critical point to undertake due diligence, ensuring the pension arrangements you are taking on are being run correctly.
Errors are best identified and rectified early. We help you identify and correct issues early, supporting you with compliance checks, proposals for remedy, member communications, provider liaison and, where appropriate, reporting to The Pensions Regulator.
Our DC audit services
We offer three core types of DC scheme audit services, each of which can be tailored to your needs:
Strategic Overview Audit
A high-level review of arrangements and processes, giving you clarity on compliance and governance.
Implementation Audit
Focused review of specific changes, such as a transition to a new scheme.
Deep Targeted Audit
An in-depth review of identified errors or areas of concern.
Our approach and experience
When supporting clients with reviewing their DC pension scheme through a full audit, our approach is collaborative, independent and outcomes-focused. We apply technical expertise and analytical insight to highlight risks and opportunities.
We recognise the confidential nature and sensitivity associated with any identification of errors. We are experienced in impact analysis, including the effect of missed investment returns, and we liaise with pension providers to manage rectification payments where needed. Flexible support options include project management or secondments to strengthen internal capacity.
The benefits of working with us
- Independent pension scheme audits free from product or provider bias.
- Data and insight-led analysis to highlight risks and opportunities.
- Flexible support, from high-level reviews to detailed investigations.
- Collaborative approach with providers, regulators and your teams.
- Better outcomes for members and greater confidence for employers and trustees.
"Due to the complexity of our DC pension compliance issues and lack of in-house resource, the team supported us via an employee secondment. Their expertise has proved invaluable in identifying and resolving issues, liaising with providers and regulators, and helping us implement lasting process changes. We would not have been able to resolve these issues without their technical expertise and support."
DC consulting services
Discover our full range of analytical services and technology for employers, trustees, providers and members of workplace pensions.
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Member engagement support from DrumRoll
BW's DrumRoll team can help you with your member communication challenges. From strategy to implementation, we help deliver the best solution to inspire members to make the right choices with their pension and benefits.
Our approach