Baker Tilly

Updated accounting practices could create headaches for pension schemes. Philip Briggs outlines what trustees need to know.

Audit firm Baker Tilly has rebranded as RSM from today. The move allows the firm to unite under a single common brand with RSM audit, tax and consulting firms across the world.

Baker Tilly has announced it will be adopting the RSM brand name from 26 October in a bid to cement its global position in audit, tax and consulting services.

More than a fifth of schemes are worried an updated statement of recommended practice (SORP) for pension scheme accounting will result in a cost surge of more than 25%, research shows.

Karen Tasker has been appointed head of Baker Tilly's pensions centre in Southampton.

Schemes sponsors could receive a £2bn tax windfall following a change in HM Revenue and Customs' (HMRC) policy on VAT recovery in response to two European Court cases.

Trustee boards are devoting insufficient time to administration issues despite identifying maladministration as the biggest risk they faced, according to research from Baker Tilly.

Pensions Minister Steve Webb says he remains committed to defined ambition (DA) despite the Budget scrapping restrictions on how people take their pensions income at retirement.

Steve Webb would be "nervous" about providers playing a part in the Chancellor's guidance at retirement pledge.

Defined contribution (DC) schemes could be exempt from paying VAT on management costs, according to a European Advocate General.