Pensions Pieces: DWP consultation on the draft Occupational Pension Schemes Regulations 2014
The Department for Work & Pensions (DWP) has recently concluded a consultation on the draft Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2014, which broadly provide for three changes as set out below.
Change 1 — Removing: in certain cases, the ‘independence’ requirement preventing a person from acting as a statutory auditor of a scheme’s participating employer under section 1,214 of the Companies Act 2004
Occupational pension schemes are required to appoint auditors under section 47 of the Pensions Act 1995. However, pursuant to the Occupational Pension Schemes (Scheme Administration) Regulations 1996, there are certain persons who are not eligible to be an auditor of the scheme. One of these ineligible persons (at Regulation 4(2)(d)) will be anyone prohibited from being a statutory auditor of the sponsoring employer under the independence conditions in section 1,214 of the Companies Act 2006…
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