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Vol 21 No 9 Sept/Oct 2016

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Goode on Commercial Law

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Pension Schemes: A CCH Industry Accounting and Auditing Guide 2015-16

ISBN13: 9781785401022
Previous Edition ISBN: 9781841409672
Published: July 2015
Publisher: CCH Editions
Country of Publication: UK
Format: Paperback
Price: £90.00

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The pensions industry has been in a constant state of flux for most of the last ten years, with almost continuous statutory changes and difficult economic conditions.

The last year has been no different, with more important developments for the attention of sponsors, trustees and members of occupational pension schemes. In March 2014 the Chancellor announced that from April 2015 members of defined contribution (DC) schemes aged 55 or higher would be able to access their funds without restrictions.

In November 2014, new Statement of Recommended Practice for preparing pension scheme accounts were published which completely re-wrote the earlier scheme accounting requirements.

Pension Schemes: a CCH Industry Audit and Accounting Guide is an authoritative, up to date and comprehensive guide, designed to assist all professionals involved in the pensions industry. The Guide, part of the popular CCH series, explains in detail every aspect of pensions, including tax, accounting and auditing implications.

All chapters and appendices have been fully updated to contain the most recently published information, including the new Pensions SORP, the revised practice note on the Audit Of Occupational Pension Schemes In The United Kingdom and the Pensions Regulator DC Code of Practice and Guidance.

The title is suitable for anyone responsible for preparing or auditing pension scheme accounts, or those needing a greater understanding of the sector for their current role, this guide is the essential companion for a pensions’ expert or novice.

Pensions Law
1. The history of pension schemes in England and Wales
2. Characteristics of a pension scheme
3. Parties involved and their responsibilities
4. The tax regime for pension arrangements
5. Approval of occupational pension schemes
6. The state scheme
7. Contracting out of the state scheme
8. Types of pension arrangement
9. Insured schemes
10. Small self-administered schemes
11. Common investment funds
12. Personal pension plans
13. Auto-enrolment
14. The Local Government Pension Scheme (LGPS)
15. Pension scheme accounts
16. Contents of the annual report
17. Accounting for pension schemes
18. Starting-up and winding-up
19. Appointment and removal of auditors
20. The audit report and the auditor's statement about contributions
21. Reports to regulators
22. Other reports
23. Planning the audit
24. Pension Scheme Administration systems
25. Audit fieldwork
26. Review of the trustees' report
27. Review of the actuarial statements and reports
28. Assisting with the employer's implementation of FRS 17 'Retirement Benefits' or IAS 19 'Employee Benefits'
29. An introduction to pension scheme de-risking solutions

Appendix 1 - Pensions terminology
Appendix 2 - Regulatory code of practice 01 'Reporting breaches of the law'
Appendix 3 - TPR Guidance: Complying with the duty to report breaches of the law
Appendix 4 - Regulatory code of practice 02 'Notifiable events'
Appendix 5 - Regulatory code of practice 09 'Internal controls'
Appendix 6 - Clearance statements: Guidance from the Pensions Regulator March 2010
Appendix 7 - Tech 02/08 Actuaries' and Auditors' Inter-Professional Communication - Pensions And Other Post Retirement Benefits
Appendix 8 - Tech 14/99 Pension Scheme Auditors' Liaison with Employers' Auditors
Appendix 9 - Pension scheme audit programmes
Appendix 10 - Pension scheme annual report checklist
Appendix 11 - Useful publications
Appendix 12 - Useful website addresses
Appendix 13 - Practice Note 15 (Revised January 2011) The Audit Of Occupational Pension Schemes In The United Kingdom (Revised)
Appendix 14 - SORP: Financial Reports of Pension Schemes (Revised November 2014)
Appendix 15 - The Pensions Regulator DC Code of Practice and Guidance, November 2013
Appendix 16 - The Pensions Regulator Guidance on Record-keeping, June 2010
Appendix 17 – Assurance Reporting on the control procedures over the administrative and accounting procedures
Appendix 18 - Supplement to AAF 02 07 for Pension Scheme Trustees issued by the ICAEW