Skip to main content

Your browser is out of date, and unable to use many of the features of this website

Please upgrade your browser.

Ignore

This website requires cookies. Your browser currently has cookies disabled.

Audit requirements

Important

Early draft of the code of practice

This code is not in force yet. It is an early version for the new code of practice consultation.

To give us feedback on issues such as the design, usability and navigation of this code, email us at webfeedback@tpr.gov.uk.

You can also read more information about the consultation.

Published: 17 March 2021

The law requires certainAU1 governing bodies of occupational pension schemes to obtain the following within seven months of the end of each scheme year from an independent auditor of the scheme:

  • audited accounts, prepared in accordance with regulation 3AU2
  • the auditor's statement, prepared in accordance with regulation 4,AU3 about payment of contributions under the scheme

Accounts do not need to be sent to us as a matter of course.

The auditor’s statement must:

  • include their opinion on whether contributions have in all material respects been paid at least in accordance with any of:
    • the schedule of contributions
    • payment schedule
    • scheme rules or contracts under which they were payable
  • where contributions have not been paid in accordance with the above, include a statement explaining why
  • even where no contributions were payable in the audited period, still prepare an auditor’s statement

The governing body:

  • must provide a copy of the audited accounts as part of the annual reportAU4 to relevant personsAU5 in relation to the scheme on request, and within two months of the request being received by the governing body
  • may wish to consider publishing the accounts on a free website for the scheme
  • Should retain documentation relating to the preparation of the annual audited accounts for the scheme that records the process undertaken and its outcome, for at least seven years
  • must ensure the normal auditing periodAU6 of 12 months is applied. The audit period may be between six and 18 months where the start date is being changed or the scheme is in final stages of being wound up

Glossary and legal references

Contributions

Money paid into the scheme. This may come from members in the form of regular or additional contributions, or from employers as regular or deficit related contributions.

AU1Regulation 2 of the Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations 1996
[Regulation 2 of the Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 1997]

AU2The Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations 1996
[The Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 1997]

AU3The Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations 1996
[The Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 1997]

AU4Regulation 12 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
[Regulation 12 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014]

AU5As defined in the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013
[As defined in the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 2014]

AU6Definition of "Scheme" in Regulation 1 of the Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations 1996
[Definition of "Scheme" in Regulation 1 of the Occupational Pension Schemes (Requirement to Obtain Audited Accounts and a Statement from the Auditor) Regulations (Northern Ireland) 1997]