The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996

Changes over time for: Section 2

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Point in time view as at 01/04/2016.

Changes to legislation:

The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, Section 2 is up to date with all changes known to be in force on or before 30 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Requirement of trustees or managers to obtain documentsE+W+S

2.—(1) [F1Subject to paragraphs (2), [F2(2B) and (2C)]], where the requirement of section 47(1)(a) of the Pensions Act 1995 (requirement to appoint an individual or a firm as auditor) applies, the trustees or managers of an occupational pension scheme shall obtain not more than seven months after the end of each scheme year which ends on or after 6th April 1997 —

(a)accounts, prepared in accordance with regulation 3, audited by the auditor;

(b)the auditor’s statement, prepared in accordance with regulation 4, about contributions under the scheme.

[F3(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.]

F4(2A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5(2AA) Information may be made available under paragraph (2) in accordance with regulations 26 to 28 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (giving information and documents).]

[F6(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)F7..., (m) or (o) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996.]

[F8(2C) The requirement to obain an auditor’s statement in accordance with paragraph (1)(b) does not apply in relation to a scheme for a scheme year in which, on the first day of that scheme year, the scheme has at least 20 participating employers.]

[F9(3) Where the trustees or managers of a scheme have failed without reasonable excuse to take all such steps as are necessary to secure compliance with either the requirement to obtain accounts audited by the auditor of the scheme or the requirement to obtain an auditor’s statement about contributions to the scheme in accordance with paragraph (1)(a) or (b), they shall be liable to pay to [F10the Regulator], within 28 days from the date of its imposition, a penalty not exceeding—

(a)£5,000 in the case of an individual; and

(b)£50,000 in any other case.

F11(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1Words in reg. 2(1) substituted (30.8.2005, 22.9.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Occupational Pension Schemes (Administration and Audited Accounts) (Amendment) Regulations 2005 (S.I. 2005/2426), regs. 1(2), 2(3)(a)

F2Words in reg. 2(1) substituted (1.4.2016) by The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) (Amendment) Regulations 2016 (S.I. 2016/229), regs. 1, 2(2)(a)

F3Reg. 2(2) substituted (30.8.2005, 22.9.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Occupational Pension Schemes (Administration and Audited Accounts) (Amendment) Regulations 2005 (S.I. 2005/2426), regs. 1(2), 2(3)(b)

F4Reg. 2(2A) revoked (6.4.2006) by Occupational Pension Schemes (Republic of Ireland Schemes Exemption (Revocation) and Tax Exempt Schemes (Miscellaneous Amendments)) Regulations 2006 (S.I. 2006/467), reg. 1(3), Sch.

F5Reg. 2(2AA) inserted (6.4.2014) by The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (S.I. 2013/2734), reg. 1(1), Sch. 9 para. 4(2)

F6Reg. 2(2B) inserted (30.8.2005, 22.9.2005 for specified purposes, 6.4.2006 in so far as not already in force) by Occupational Pension Schemes (Administration and Audited Accounts) (Amendment) Regulations 2005 (S.I. 2005/2426), regs. 1(2), 2(3)(c)

F7Word in reg. 2(2B)(b) omitted (1.4.2016) by virtue of The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) (Amendment) Regulations 2016 (S.I. 2016/229), regs. 1, 2(2)(b)

F8Reg. 2(2C) inserted (1.4.2016) by The Occupational Pension Schemes (Requirement to obtain Audited Accounts and a Statement from the Auditor) (Amendment) Regulations 2016 (S.I. 2016/229), regs. 1, 2(2)(c)