This, of course, is always one of the first questions a trustee has when starting the research process for a pension scheme audit. Here at Assure UK, I’d imagine we’ve received this question hundreds of times, likely within the first couple of minutes of any conversation.
But we get it. Price matters (along with many other factors). It can certainly dictate what auditor and what additional services you’re able to access in the long run. You need to be able to develop an initial budget and plan for the service costs, no matter which auditor you choose.
As you might imagine, though, the problem with answering this question is the fact that a pension scheme audit has so many variables it can be tough to truly know the price to perform your pension scheme audit.
Still, I’ll do my best here to give you some realistic price ranges as to what most trustees will spend. (And remember, these pension scheme audit fees are average. They can vary drastically depending on the service provider, the region, the company, etc.)
Most pension scheme audits cost between £4,000–£80,000, including attendance a the trustee meeting and basic management reporting. As with any other audit service, this can increase dramatically when you add covernant reviews, addressing specific risks at third parties, delays, additional audit procedures, and so on.
Occasionally a trustee wants to buy a basic pension scheme audit
Keep in mind these price ranges do not include out of pocket expenses which can add up to 10%
Small pension scheme audit (£2 million – £100 million): £4,000–£15,000
Medium pension scheme audit (£100 million to £1 billion): £10,000–£30,000
Large pension scheme audit (Over £1 billion): £40,000–£250,000
All of these numbers and prices are very general. Still, I hope this article helps you to have a better feel for the cost of a pension scheme audit, the overall pension scheme audit pricing range, and what to expect when you start going through the audit buying process.
We’re happy to help you get an actual price for your pension scheme audit. You can get a quote today, as we audit schemes all over Great Britain.