Case Studies - Scheme Accounting and Payroll Services

Case Study 1 - Group scheme accounts

We were approached by a well known firm of actuaries and consultants, which was otherwise able to provide its occupational scheme clients with a full administration service, to take on the accounting function for a number of schemes on a sub-contract basis, effectively operating as the firm's pension accounts department.

The assignment entailed setting up the schemes and their accounting records on our computerised systems using the basic manual records available, creating transaction histories from source data such as bank statements and investment managers' reports, preparing draft annual accounts and seeing them through audit, and producing the final trustees’ reports and financial statements in our clients’ own house style, ready for signature.

Although we continued to provide these services for several years, in this particular case, the arrangements were seen to be an interim solution in which we co-operated with the firm until it was able to establish its own in-house accounting capability which it was then able to offer more widely to its clients. Notwithstanding that, we have continued to provide the firm with pension accounting support on an ad-hoc basis.

Case Study 2 - SSAS and SIPP accounts and payroll

Our relationship with another firm of actuaries and consultants which, at the time, specialised in small self-administered schemes (SSASs), began through our setting up and operating a centralised pensions payroll system for its SSAS portfolio. From there, our services soon extended into the provision of accounting and audit services to a proportion of the firm's SSAS clients, who took advantage of the cost savings our specialist service offered over their existing arrangements (often with the sponsoring employers' external accountants).

When the firm saw an opportunity to become one of the early players in the nascent SIPP market, we were asked to partner it in this venture by managing both the accounting and payroll functions for its SIPP product, functions which we continue to provide today for what has become a large portfolio of individual SIPPs.

Through this early involvement, we have gained over 13 years' experience and developed skills in the bulk handling of SIPPs, through the processing of many hundreds of pension payments monthly and the production of still greater numbers of annual financial statements, services which have been taken up by other major SIPP providers.