Requirement of trustees or managers to obtain documents2

C2C11

F2Subject to paragraphs (2), F9(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.

F32

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.

F72A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F82AA

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).

F62B

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)F10..., (m) or (o) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996.

F112C

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.

F13

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 F4the 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.

F54

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .