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2.—(1) The Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005(1) are amended as follows.
(2) For regulation 3 (circumstances in which a person specified under regulation 2 is not to audit scheme accounts) substitute—
“3.—(1) Notwithstanding regulation 2, a person shall not be a registered pension scheme’s auditor if he is—
(a)a member of the scheme;
(b)employed under a contract of service by the scheme administrator;
(c)an employer in relation to the scheme; or
(d)subject to paragraph (2), ineligible, by virtue of section 1214 of the Companies Act 2006(2), to audit the accounts of a company which is an employer in relation to the scheme.
(2) Paragraph (1)(d) does not apply in relation to the accounts and auditor’s statement for a relevant scheme for a scheme year—
(a)in which, on the first day of that scheme year, the scheme has at least 500 participating employers; or
(b)which immediately precedes a scheme year in which sub-paragraph (a) is satisfied.
(3) In paragraph (2)—
“relevant scheme” means a trust scheme which applies to earners in employment under different employers; and
“scheme year” means—
a year specified for the purposes of the scheme in any document comprising the scheme or, if none, a period of 12 months commencing on 1st April or on such date as the trustees or managers select; or
such other period (if any) exceeding 6 months but not exceeding 18 months as is selected by the trustees or managers in connection with—
the commencement or termination of the scheme; or
a variation of the date on which the year or period referred to in sub-paragraph (a) is to commence.”.
S.I. 2005/3456. Regulations 2 and 3 have been amended by articles 55 to 57 of the Companies Act (Consequential Amendments) (Taxes and National Insurance) Order 2008 (S.I. 2008/954).
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