Overview:
Stay ahead of key pension scheme developments with this focused session covering the Draft Pensions SORP 2025, auto-enrolment trends, and auditing updates. You'll learn about proposed reporting changes, compliance challenges for SMEs, and evolving audit standards.
Key features:
Draft Pensions SORP 2025 – What to expect
- Summary of PRAG’s consultation and timeline
- Key proposed changes:
- Enhanced investment disclosures and fair value hierarchy
- Sole-investor pooled arrangements and illustrative examples
- Clarifications on hybrid schemes and insurance buy-ins
- Implications for FRS 102 reporters and audit documentation
- Practical examples for smaller schemes
Auto-Enrolment: Progress, participation & challenges
- Current statistics: enrolment rates, opt-outs, and member outcomes
- Compliance trends among SMEs and micro employers
- Issues in scheme quality, contribution adequacy, and member engagement
- Future outlook: potential reforms and expansion
Auditing Pension Schemes: Practice note & ISA (UK) updates
- PN 15: still current, but evolving expectations
- Impact of revised FRS 102 and draft SORP on audit procedures
- ISA (UK) updates:
- ISA 315 (risk assessment) and ISA 540 (estimates) in pension audits
- Valuation of assets, actuarial assumptions, and investment disclosures
- Audit focus areas for smaller schemes:
- Materiality thresholds
- Trustee governance and control environment
- Documentation tips for pooled investments and buy-ins
Regulatory and governance developments
- Recent actions and thematic reviews by The Pensions Regulator
- Focus on scheme funding, covenant monitoring, and trustee oversight
Speaker: Darren Leiser
