Pensions

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The demanding, and ever changing, environment for both deﬁned beneﬁt (DB) and deﬁned contribution (DC) pension schemes requires trusted advisers and independent auditors.

DB schemes face ESG-related reputational risks, rapidly changing funding positions for end-game planning, cyber threats to member data, regulatory expectations and public scrutiny, while DC schemes are also contending with increasingly complex governance requirements.

Meeting these challenges consumes management time and presents costly and unpredictable cashﬂow pressures.

Our award-winning advisers and independent auditors can help you navigate this evolving landscape.

Trusted adviser

Award-winning covenant, actuarial, cyber, VAT, and investment tax advice for DB pension schemes

Independent auditor

A quality, tailored service that adds value by supporting trustee governance, as well as meeting regulatory expectations

Industry thought leaders

Embedded in the sector through key working party memberships, dialogue with opinion formers and secondments to TPR and PPF

Get in touch

Neil Knights

Partner, Head of Pensions

Contact Neil Knights Learn more about Neil Knights

Why Grant Thornton?

You’ll work with people delivering award-winning covenant advice, high quality audit and tax services.

135 pension team	450+ covenant assignments
330+ scheme audits	21 of the top 100 UK schemes in our portfolio
5 UK pension centres of excellence

Awards

Winner

Pensions Age Awards 2022 Sponsor Covenant Provider of the Year

Winner

UK Pensions Awards 2021 Sponsor Covenant/IRM Adviser of the Year

Supporting our pensions audit clients beyond compliance

The Challenge

Our client previously had a minimum compliance audit that provided no insightful recommendations to improve internal controls arising from the audit process.

The solution

Our team identiﬁed investment managers had been over‑charging the Scheme and there was a duplication of eﬀort between the in-house team and Scheme advisers.

The result

New risk management processes were implemented to provide greater visibility over mitigating controls for the Trustee, ensuring they operate as expected.

Flexible advice delivers strong result for pension Schemes

The challenge

A UK group providing infrastructure and construction services supports various DB Schemes with different funding needs through a combination of contributions and contingent assets

The solution

Poor trading and non-core disposals meant a flexible funding agreement was needed to address the weaker covenant and allow for an equity injection and group-wide debt reduction

The result

All Schemes are now on track to achieve their long-term funding targets, with some reporting a surplus, with reduced level of deficit repair contributions payable by the group

Covenant advice supports impact of corporate activity

The challenge

Over several valuation cycles, extensive corporate activity has materially altered the structure and strength of the underlying covenant supporting the Scheme as it approaches full funding

The solution

Apportionment arrangements and appropriate mitigation dealt with the change to a single UK employer, while a dividend policy addresses potential future covenant leakage

The result

The Scheme, supported now by a well-funded UK statutory employer, has a surplus on a long-term funding basis and expects to be fully funded on a buy-out basis within five years

Testimonials

Very good at working autonomously and producing accurate, well thought out reporting on time. They cover multiple schemes for us. We have a small in-house team so we rely on them to be organised and to facilitate the audit in conjunction with the outsourced accounting function, which they do effectively.

Head of Pensions and Benefits Vodafone Group Pension scheme

We had not considered a non-Big Four firm before for the scheme Auditor, but Grant Thornton have hit every milestone promised and understand what we are, what we're about and the processes involved.

Andy Rowell Head of Trustee Services I Unilever (UK) Pension Fund

Pensions

The demanding, and ever changing, environment for both deﬁned beneﬁt (DB) and deﬁned contribution (DC) pension schemes requires trusted advisers and independent auditors.

Trusted adviser

Independent auditor

Industry thought leaders

Neil Knights

Why Grant Thornton?

Awards

Related services

Supporting our pensions audit clients beyond compliance

Flexible advice delivers strong result for pension Schemes

Covenant advice supports impact of corporate activity

Read our insights, reports and more