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Scheme
Accounting

We  have many  years  experience  in  the maintenance  of  financial  records  and accounts  for  retirement benefits  schemes. This  accounting differs  from  routine accounting  for a  commercial undertaking principally  in  the need  to account  for diversified investment portfolios. 

Our accounting business is carried out on an accounting package called KPACS (Kingsland Court Pensions Accounting System) which is built on Microsoft Great Plains Dynamics 9.0 and integrated with Ms SQL 2005 which provides unlimited data storage capacity.  This programme was developed specifically  to cater  for  the aspects peculiar  to retirement  benefits  schemes,  particularly  accounting  for  diversified  investment portfolios. KPACS has been in use for over 12 years.  We  are  fully  up  to  date with  licensing  for Dynamics,  ensuring  that we  receive optimum support and updates.  Under  the accounting service we collate all asset and  liability and  income and expenditure information, updating at frequencies suited to the size and activity of the fund, but never less frequently than monthly. The essential components of the accounting service include:

  • Maintain  the  books  of  accounts  by  recording  the  assets,  income  and expenditure based on detail and documents received  from service providers and the sponsor
  • Carry out all reconciliations (with bank accounts as well as with the reports of the investment manager and the custodian and, of course, the administration records)
  • Prepare and submit quarterly detailed financial reports to the trustees
  • Prepare and submit  to  the scheme’s auditors  the  financial statements  in  the prescribed format for audit
  • Ensure  the  audit  is  carried  out within  the  required  time  frame  for RBA  and KRA compliance
  • Prepare and submit to KRA and RBA all the required financial returns
  • Prepare abbreviated annual financial reports to members

Trustee
Support

The Trust Deed and Rules of a retirement benefits scheme, as well as local legislation and regulations, impose a wide range of responsibilities and obligations on trustees. Breach of the duties of trust can carry expensive penalties for the trustees as individuals. All too often, scheme trustees do not have the skills and experience required to enable them to perform their duties effectively. Most trustees are only part-time and their other activities may well not permit them to devote the time which their trustee duties require. Trustee training can help to give trustees, especially new ones, some good grounding in the various aspects of their role but almost certainly this will not be sufficient to equip them to address some of the situations which will arise, particularly relating to:

  • Compliance with the Trust Deed and Rules, as well local legislation and regulations
  • disputes relating to benefit entitlements, especially on death etc
  • managing service providers, particularly investment managers and administrators

Trustees need to understand that they are not required to be masters of the whole range of knowledge etc which at different times comes into play in the exercise of their duties. However, they are required to develop and employ access to this knowledge. This is where our Trustee Support Service comes in, bringing the skills, experience and time necessary. We act on behalf of the trustees but always within the terms stipulated in the respective Agreement. The main functions which this service encompasses are:

  • To manage the relationships with the fund manager, custodian, administrator, auditor, actuary and any other service providers or advisers
  • To monitor service levels and ensure that they comply with service agreements
  • To receive and review reports from service providers and provide independent assessments and guidance to the trustees
  • To manage audits and actuarial examinations on behalf of the trustees
  • To manage relationships with regulators, monitor compliance and guide and assist the trustees in taking all appropriate measures
  • To keep the founder informed of matters relating to the scheme
  • To ensure scheme documentation is kept up to date
  • To manage communications to members