As part of a consultation on various regulatory requirements relating to pension schemes, the Government is proposing significant changes to the information that needs to be reported in scheme accounts. The Government is proposing to delete most of the investment disclosure requirements set out in the current regulations. The auditor's statement will be required to confirm whether the accounts have been prepared in accordance with current reporting standards and to provide information relating to concentration of risk, employer-related investments and total of investment purchases and sales. It is proposed that the changes will come into force on 1 April 2016.
Other areas covered in the consultation include a change designed to ensure that a scheme does not become subject to the trustee requirements applicable to multi-employer schemes for non-connected employers simply by reason of not every employer being a group company. Under the revised definition, a scheme will only be subject to the requirements if it has been promoted to employers as a scheme where participating employers need not be connected. In addition, the definition of "connected" is being broadened so (a) two employers who form a joint venture will be connected with each other and (generally) with the joint venture company even if they are not in the same group; and (b) "connected" status does not cease a result of a company leaving a group or a joint venture terminating. The changes will take effect from 6 April 2016.
The consultation closes on 9 December 2015.