Whilst financial reporting is a key area in the management of your pension plan, accounting disclosures should be straightforward to produce in terms of your time and spend on adviser fees. Where real value can be added is if your actuary is proactive in identifying potential accounting issues and opportunities at an early stage.
Increasingly auditors are taking a much stronger line on their house view of what is appropriate methodology and assumptions. That is why you will want an actuary of sufficient calibre to work with your auditors to ensure that an appropriate final position is reached.
At bac, our team has substantial financial reporting experience, advising on pension accounting disclosures relating to liabilities in excess of £25 billion. We can offer fixed fee solutions to cover some or all of the following areas, tailoring our package to suit your needs.
- assumptions setting
- production of disclosures
- discussions with auditors
- proactive updates on developments in the regulatory framework or investment markets that could impact your financial statements
- understanding the accounting implications of strategic actions, such as asset de-risking, liability management and revised funding agreements
- regular accounting updates, so you can track your plan’s position throughout the year