Pension scheme annual reports and accounts
Produced in partnership with Stephen Leah of Barnett Waddingham LLP

The following Pensions practice note produced in partnership with Stephen Leah of Barnett Waddingham LLP provides comprehensive and up to date legal information covering:

  • Pension scheme annual reports and accounts
  • Statutory requirement to produce annual report and accounts
  • Requirements under the Audited Accounts Regulations
  • Requirements under the Disclosure Regulations
  • Contents of the annual report
  • Audit of the financial statements
  • Trustees’ report
  • Scheme management
  • Governance statement
  • Investment reporting
  • More...

Pension scheme annual reports and accounts

CORONAVIRUS (COVID-19) UPDATE: The Pensions Regulator (TPR) has issued guidance on reporting duties and enforcement activity which stated that TPR would take a pragmatic approach to the late preparation of audited accounts and would accept delays to 30 September 2020. From 1 October 2020, TPR resumed its normal enforcement approach in respect of delays to audited accounts.

In June 2020, the Institute of Chartered Accountants of Scotland (ICAS), the Institute of Chartered Accountants in England and Wales (ICAEW) and the Pensions Research Accountants Group (PRAG) also published joint guidance on pension scheme reports and financial statements, including the additional challenges likely to be experienced as a result of the coronavirus pandemic.

For more information, see Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees — Scheme accounts.

THIS PRACTICE NOTE APPLIES TO UK OCCUPATIONAL PENSION SCHEMES

This Practice Note on pension scheme annual reports and accounts is based on:

  1. the latest Financial Reports of Pension Schemes: A Statement of Recommended Practice (2018) (SORP 2018) issued in March 2018 by the Pension Research Accounting Group (PRAG). This SORP applies to scheme years commencing on or after 1 January 2019. Earlier adoption was possible from 1 January 2018, and

  2. the Financial Reporting Standards (FRSs) issued by the Financial Reporting Council (FRC) and effective from 1 January 2016, in particular:

    1. FRS100 Application

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