Compliance February 6, 2004

Guide for UK Pension Auditors Published

June 26, 2002 (PLANSPONSOR.com) - UK pension regulators have published a guide outlining the chief requirements of the Pensions Act 1995 and the role of auditors appointed under the provisions of the Act.
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The Occupational Pensions Regulatory Authority (Opra) has published “Opra Pension Scheme Auditors” aimed at pension plan auditors, who, through reporting to Opra, play a key role in the regulatory system governing occupational pension plans in the UK.

Opra is dependent on auditors fulfilling their statutory duty to report to it. Working with the Auditing Practices Board, it has produced the document as a guide based on its experience of regulating occupational pension plans, according to a release from the organization.

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Opra investigates and can take action where there are breaches of the Pensions Act that could put the security of occupational pension schemes at risk. The group has a wide range of statutory powers and penalties including:

  • prohibiting and disqualifying pension scheme trustees
  • imposing fines
  • appointing new trustees to pension schemes in difficulty
  • authorizing criminal prosecutions
  • referring cases to prosecuting authorities.

Further information is available at www.opra.gov.uk

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