The Registered Pension Schemes (Audited Accounts) (Specified Persons) (Amendment) Regulations 2015

• Citation: S.I. 2015/1518
• Sections: 2

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Registered Pension Schemes (Audited Accounts) (Specified Persons) (Amendment) Regulations 2015 and come into force on 1st September 2015.

(2) These Regulations have effect from 6th April 2014.

Section 2 Amendment of the Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005

(1) The Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005 are amended as follows.

(2) For regulation 3 (circumstances in which a person specified under regulation 2 is not to audit scheme accounts) substitute—

(3)

(1) Notwithstanding regulation 2, a person shall not be a registered pension scheme’s auditor if he is—

(a) a member of the scheme;

(b) employed under a contract of service by the scheme administrator;

(c) an employer in relation to the scheme; or

(d) subject to paragraph (2), ineligible, by virtue of section 1214 of the Companies Act 2006 , to audit the accounts of a company which is an employer in relation to the scheme.

(2) Paragraph (1)(d) does not apply in relation to the accounts and auditor’s statement for a relevant scheme for a scheme year—

(a) in which, on the first day of that scheme year, the scheme has at least 500 participating employers; or

(b) which immediately precedes a scheme year in which sub-paragraph (a) is satisfied.

(3) In paragraph (2)—

“relevant scheme” means a trust scheme which applies to earners in employment under different employers; and

“scheme year” means—

a year specified for the purposes of the scheme in any document comprising the scheme or, if none, a period of 12 months commencing on 1st April or on such date as the trustees or managers select; or

such other period (if any) exceeding 6 months but not exceeding 18 months as is selected by the trustees or managers in connection with—

the commencement or termination of the scheme; or

a variation of the date on which the year or period referred to in sub-paragraph (a) is to commence.