The Occupational Pension Schemes (Administration and Audited Accounts) (Amendment) Regulations 2005

Amendment of the Audited Accounts Regulations

2.—(1) The Audited Accounts Regulations are amended in accordance with this regulation.

(2) In regulation 1 (citation, commencement and interpretation), after the definition “ear-marked scheme” insert—

““group of companies” has the meaning given by section 71 of the Finance Act 2005(1);”.

(3) In regulation 2 (requirement of trustees or managers to obtain documents)—

(a) in paragraph (1), for “Subject to paragraph (2)” substitute “Subject to paragraphs (2), (2A) and (2B)”;

(b) for paragraph (2), substitute—

“(2) In the case of an ear-marked scheme, the requirements contained in paragraph (1)(a) shall not apply and the trustees and managers of such a scheme shall—

(a) upon receiving a written request from a person specified in section 41(4) of the Pensions Act 1995—

(i) make available a copy of the most recent accounts published in relation to the insurance companies (whether as part of a group of companies or otherwise) with which they hold ear-marked policies of insurance or annuity contracts in relation to that person; and

(ii) make that information available to the person who requested it within a reasonable time of receiving the request; and

(b) provide each scheme member within 12 months of the end of each scheme year with a statement detailing the amount of contributions credited to him during that scheme year.”;

(c) after paragraph (2A) insert—

“(2B) In relation to a scheme to which section 47(1)(a) of the Pensions Act 1995 does not apply, the requirement to obtain accounts in accordance with paragraph (1)(a) or an auditor’s statement in accordance with paragraph (1)(b) shall apply—

(a) to such a scheme—

(i) which falls within regulation 3(1)(c) or (i) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996, and

(ii) which has 100 or more members;

(b) to such a scheme which falls within regulation 3(1)(j), (m) or (o) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996.”;

(d) in paragraph (3)(2) for “the Occupational Pensions Regulatory Authority” substitute “the Regulator”; and

(e) omit paragraph (4)(3).

(4) For sub-paragraph (a) of regulation 4(1)(4) (form and content of the auditor’s statement) substitute—

“(a) a statement as to whether or not in his opinion contributions have in all material respects been paid at least in accordance with the schedule of contributions or payment schedule; and”.

(5) In the Schedule (contents of accounts audited by the auditor of the scheme), in paragraph 2(3)(a) omit “to which section 111 of the Pension Schemes Act 1993 applies”.

(1)

2005 c. 7.

(2)

Paragraph (3) was inserted by S.I. 2000/833.

(3)

Paragraph (4) was inserted by S.I. 2000/833.

(4)

Regulation 4(1)(a) was amended by S.I. 1997/786.