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Practical Pension Scheme Accounting

Authors: Shona Harvie FCA, Joanne Scriven ACA, and Phil Spary FCA

Publication Date: 2020

Publisher: Bloomsbury Professional

Law As Stated At: 1 January 2019

Practical Pension Scheme Accounting

Practical Pension Scheme Accounting

Practical Pension Scheme Accounting, from Crowe U.K. LLP provides expert analysis and practical guidance on the preparation of accounts for occupational trust based pension schemes under the revised 2018 Statement of Recommended Practice (SORP). Beginning with the trial balance, the book explains what information is needed to prepare Financial Statements and how to go about compiling the Annual Report.

Written in an accessible style, it provides practical guidance on the requirements of the SORP, providing examples and options on the approach to the requirements; ranging from the required disclosures, to additional disclosures that could be considered in relation to the investment risk and investment hierarchy disclosures. The book contains a disclosure checklist and example accounts to ensure all required disclosures have been considered, as well as guidance on what to consider when preparing a Defined Contribution Chair’s Governance Statement.

This content is prepared by

Shona Harvie FCA, Partner at Crowe UK

Shona has 30 years’ experience of providing audit and advisory services. Shona plays a key role in the pensions sector and is a regular speaker at conferences and events. She is Chair of the Pensions Research Accountants’ Group (PRAG) Executive Board, a member of the PRAG SORP working party, the PRAG/Investment Association working party and the PRAG pensions Auditor Technical Discussion Group.

Joanne Scriven ACA, Manager at Crowe UK

Joanne has 20 years’ experience in the pensions sector. Joanne prepares accounts for a variety of pension scheme arrangements and is a member of the pension technical team at Crowe UK LLP.

Phil Spary FCA, Director at Crowe UK

Phil Spary has 20 years' experience of providing pensions assurance and advisory services. Prior to joining Crowe UK LLP, he spent 10 years at The Pensions Regulator working across a number of strategic teams. Phil is also a member of a number of DC committees, including the PRAG DC Working Party, PRAG Master Trust Working Group and ICAEW Master Trust Working Group.

Key updates for this third edition include the following :

  • Updated example accounts (chapter 9) and checklist (chapter 10)
  • Trustees’ process and evidence of their assessment of whether a scheme is a going concern (para 1.4)
  • Master trust supervision requirements and treatment of financial reserves (para and
  • Latest disclosure regulations including environmental, social and governance considerations (para 4.2.1)
  • GMP equalisation (para 8.4.7)
  • Longevity swap valuation basis and related disclosures (para
  • Clarity on disclosure of characteristics of insurance policies exceeding 5% of net assets (para 9.1.10)
  • Expansion on the requirement to disclose pooled investment vehicle legal structure analysis (para
  • Further information on annuity policy disclosures (example 9.19)
  • DC Chairs Statement reflection of industry developments Chapter 6 and Appendix 8)
  • Further guidance on areas such as investment transitions straddling the year end, (para 9.1.3) inclusion of actuarial rates in the Report on Actuarial Liabilities (para 4., inclusion of ONS quarterly reporting in the project plan (para 2.6), and trustees’ consideration of wider issues in the Trustees’ Report (chapter 4)

Date of last update: January 2020

Date of next update: November 2021