Staff Benefits Scheme External Audit Services

Tender description

To design and deliver an audit programme to assess the annual report and financial statements for the Staff Benefits Scheme. Lot 1: The University of Edinburgh Staff Benefits Scheme (SBS) is the Defined Benefit pension arrangement based on career average revalued earnings (CARE) for support staff within the University of Edinburgh. Established in 1966, the current market value of the Scheme’s assets is circa GBP 410,000,000 and has approximately 1,700 active, 2,300 deferred and 2,400 pensioner members. Although the University of Edinburgh is the principal employer sponsoring the scheme, the scheme is set up under trust and is governed independently according to its trust deed and rules by a sole corporate trustee, the directors of which are appointed in accordance with the trust deed and articles of the Trustee to run the scheme. Both the University and members contribute to the scheme and the amount of pension payable is dependent upon: - the length of time served in the scheme (known as pensionable service); - career averaged earnings; - the scheme's accrual rate. The accrual rate is the proportion of salary that is received for each year of service. The contract is for the provision of external audit services in connection with the annual report and financial statements of the scheme. The supplier is expected to audit the annual report and financial statements for SBS in accordance with all statutory responsibilities, as set out in the International Standards in Auditing (UK) and PA95.