Opra, the occupational pensions regulatory authority, has published a complementary guide to aid pension scheme trustees to produce audited accounts on time, following a sustained spate of non-compliance and confusion.
The guide follows the publication last week of supplementary guidance for auditors of occupational pension scheme issued by the Auditing Practices Board.
Opra’s guide is specifically aimed at smaller, insured, salary-related pension schemes where non-compliance is understood to be rife. Late production of scheme accounts is one of the most common breaches of the Pensions Act.
Opra chairman, John Hayes, said: ‘We want to get the message across that insured schemes are no less important than bigger schemes. Their members deserve to know that things are being properly run and that trustees and scheme professionals are getting accounts don on time.’
A change in the law effective from 3 April 2000 has made late submission a civil offence for which Opra can impose a fine of £5,000 for individuals and £50,000 for corporate trustees.
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