Explanatory note

These Regulations amend the Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005 (S.I. 2005/3456) (”the principal Regulations”) which prescribe the persons who may be the auditors of the accounts of a registered pension scheme under section 250(6) of the Finance Act 2004 (c. 12) (“the Act”).

Regulation 1 provides for the citation, commencement and effect. These Regulations have effect retrospectively from 6th April 2014. The power to make the Regulations with retrospective effect is provided for in section 282(A1) of the Act.

Regulation 2 substitutes regulation 3 of the principal Regulations. The former regulation 3(a) to (c), now regulation 3(1)(a) to (c), already provided that a person shall not be a registered pension scheme’s auditor if he is a member of the scheme, employed under a contract of service by the scheme administrator, or an employer in relation to the scheme.

New regulation 3(1)(d) provides that a person shall not be a registered pension scheme’s auditor if he is ineligible by virtue of section 1214 of the Companies Act 2006 (c. 46) to audit the accounts of a company which is an employer in relation to the scheme. New regulation 3(2) provides that regulation 3(1)(d) does not apply in relation to the accounts and auditor’s statement for a relevant scheme for a scheme year—

• in which the scheme has at least 500 participating employers at the start of the scheme year; or

• which immediately precedes a scheme year in which the scheme has at least 500 participating employers at the start of the scheme year.

A Tax Information and Impact Note has not been prepared for this Instrument as it contains no substantive changes to tax policy.