Overview

This three-hour online course is designed for accounting professionals who produce accounts for occupational pension schemes and for those who audit those schemes. It is also suitable for those who wish to further their knowledge of pension schemes and the legislation surrounding them. The course focuses on recent changes in UK legislation over the past two years, ensuring that participants are up-to-date with the latest developments.


Key features


Overview of Recent Legislative Changes

• Introduction to key legislative updates affecting occupational pension schemes.

• The Pension Schemes Act 2021: Key provisions and their implications.

• Changes to The Pension Regulator's (TPR) powers and enforcement strategies.

• Impact of recent case law on pension scheme accounting and auditing.

• Updates on the Pension Protection Fund (PPF) levy and its calculation.


Scheme Funding and Governance

• The new Defined Benefit (DB) funding code: An overview.

• Introduction of Long-Term Funding Targets (LTFTs) and implications for schemes.

• Enhanced governance requirements: Key changes and responsibilities for trustees.

• Climate change and ESG requirements: New expectations for scheme investments.

• Employer covenant assessments: Recent developments and best practices.


Accounting and Auditing Implications

• Changes to FRS 102 in relation to pension scheme accounting.

• Impact of COVID-19 on pension scheme valuations and disclosures.

• Recent auditing standards affecting pension schemes: Key updates.

• Considerations for auditing multi-employer schemes and sectionalisation.

• Addressing risks related to pension scams and cyber security in audits.


Reporting and Disclosure Requirements

• Updates to the Statement of Recommended Practice (SORP) for pension schemes.

• New disclosure requirements under the Pensions Regulator’s guidance.

• Transparency in scheme reporting: Recent initiatives and their impact.

• Accounting for contingent liabilities: Recent guidance and challenges.

• Enhanced member communication requirements and reporting standards.


Future Developments and Emerging Trends

• Anticipated changes in pension legislation: What to expect.

• The impact of Brexit on UK pension schemes: Ongoing developments.

• The rise of Master Trusts and the evolving regulatory landscape.

• Emerging trends in pension scheme investments and risk management.

• Preparing for the future: Key takeaways and action points for professionals.


Closing Remarks

The course concludes with a Q&A session and a discussion on practical steps to implement the legislative changes discussed. Participants will leave with a deeper understanding of the recent updates and how they impact the accounting and auditing of occupational pension schemes.

 

This event was recorded 09 October 2024

Speaker

Darren Leiser

Darren Leiser is a Freelance Lecturer and Consultant specialising in Financing, Budgeting and Management seminars, which includes Financial Reporting (under UK GAAP and IFRS), Pension Schemes. Charities, Corporate Finance, Budgeting, Auditing, Finance for Non-Finance Managers, Quantitative Methods, Corporate Governance, Costing and Effective Management Processes.

Darren holds a BSc (Hons) degree in Mathematics and a MSc in Finance. He is a Fellow of The Chartered Association of Certified Accountants (FCCA) and obtained the Auditing Practicing Certificate. He is also a member of the Pensions Research Accountants Group.

Darren has over twenty years of experience in the profession, having worked for several of the largest accountancy practices in the UK along with several smaller ones too.

As an auditor with a top five UK firm Darren was involved with auditing some of the largest pension schemes in the UK that are linked to many national and international companies.

He has taught both throughout the UK and internationally presenting courses in many countries including UAE, Oman, Switzerland, Italy, Saudi Arabia, Greece, and Georgia to name a few. He has taught on the CPD circuit for the major accountancy Institutes including the ICAEW, ACCA and ICAS. He has also presented various in-house courses for organisations such the National Audit Office and European Space Agency.