Q&As

What is the process and the considerations involved when changing the scheme accounting date for an occupational pension scheme?

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Published on LexisPSL on 12/12/2018

The following Pensions Q&A provides comprehensive and up to date legal information covering:

  • What is the process and the considerations involved when changing the scheme accounting date for an occupational pension scheme?

This Q&A relates to an occupational pension scheme.

The main legislative requirements on the preparation and audit of the financial statements (accounts) of an occupational pension scheme are set out in the following legislation (as amended):

  1. the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004 (PeA 2004)

  2. the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734

  3. the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (Scheme Administration Regulations 1996), SI 1996/1715

  4. the Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, SI 1996/1975

Unless the pension scheme falls within one of the categories listed in Scheme Administration Regulations 1996, SI 1996/1715, reg 3(1), an auditor must be appointed. The appointment must be made by the trustees.

The trustees are also required to act in accordance with the provisions of the trust deed and rules of the scheme, while operating within the framework of the legislation as well as the law of trusts. Trustees must obtain aud

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