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Smith & Williamson appointed to new national pensions panel

The audit group at Smith & Williamson has been appointed to the newly-created Audit Services Panel launched today (Monday) by the Pension Protection Fund (PPF).

The dedicated pensions audit team at accountancy and investment management group, Smith & Williamson, has been appointed to the six member panel which has been created to ensure that pension schemes progress through the PPF assessment period and Finance Assistance Scheme (FAS) and wind-up efficiently.

Matthew Maneely, a partner and head of the pensions audit team at Smith & Williamson, said: “We are delighted to have been appointed to the panel and are looking forward to developing long-standing and collaborative relationships with the PPF, fellow panellists and other panels already in operation.

 “Our pensions audit team has two key differentiating factors. It works exclusively on pensions audits and the team includes ex-pension scheme administrators. This industry experience together with our total focus on pension audit work gives us a rare breadth and depth of experience.”

The PPF’s new Audit Services Panel, which starts work this month, will be expected to complete timely and accurate audits of the accounts required throughout the assessment process. Its role will be to work collaboratively with all other stakeholders to assist schemes through the assessment or wind-up process to deliver certainty to members as quickly as possible.

The panel will initially run for a two year period. It is the fourth panel that the PPF has launched and follows the successful launch and implementation of the previous three panels for trustee advisors, administrators and actuaries.

The PPF protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions. Tens of thousands of people now receive compensation from the PPF and hundreds of thousands more will do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.

 

Disclaimer

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.

Smith & Williamson is the official sponsor for the National Business Awards’ search for the Entrepreneur of the Year in both 2013 and 2014.

Smith & Williamson LLP
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International

The word ‘partner’ is used to refer to a member of Smith & Williamson LLP.

Nexia Smith & Williamson Audit Limited
Registered to carry on audit work and regulated by the Institute of Chartered Accountants in England and Wales for a range of Investment business activities. A member of Nexia International