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

The following Pensions guidance 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
  • Trustees’ report
  • Financial statements
  • Alternatives to statutory pension scheme financial statements

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 of Financial Reporting Requirements (March 2018), and

    2. FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018)

Statutory requirement to produce annual report and accounts

Requirements under the Audited Accounts Regulations

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, SI 1996/1975 (the Audited Accounts Regulations) require the trustees or managers of occupational pension schemes to obtain and make available copies of certain documents. Among these documents are:

  1. audited accounts of the scheme, and

  2. the auditor’s statement about contributions under the scheme

The Audited Accounts Regulations require the accounts to show a true and fair view of the scheme's financial position. Moreover, the Schedule to these regulations prescribes detailed investment information that must be disclosed in