New pension SORP

Just a reminder that the new SORP is effective for accounting periods starting on or after 1st January 2015.

There are also some expected changes and once finalised PRAG proposes to issue an appendix to the SORP.

  • FRED62 proposes to align the pensions SORP fair value hierarchy with FRS102. The consultation on this ran until 31st January 2016 and a decision is expected in March 2016.
  • A DWP Consultation document is proposing to alter the investment regulations and retain 3 current disclosures not covered in FRS102. Changes are effective April 2016.

Trustees need to be aware of the changes in the SORP and these proposed new changes. Ensuring that their Scheme Actuary, Scheme Investment Managers, Scheme Administrators and Scheme Auditors have a clear and agreed implementation plan.

If you haven’t already discussed this with us, we are happy to attend a Trustees meeting free of charge to provide a brief presentation on the new SORP.

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