Regulation 2 Amendment of the Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005

The Registered Pension Schemes (Audited Accounts) (Specified Persons) Regulations 2005^f1 are amended as follows.

For regulation 3 (circumstances in which a person specified under regulation 2 is not to audit scheme accounts) substitute—

“3.

(1)

Notwithstanding regulation 2, a person shall not be a registered pension scheme’s auditor if he is—

(a)

a member of the scheme;

(b)

employed under a contract of service by the scheme administrator;

(c)

an employer in relation to the scheme; or

(d)

subject to paragraph (2), ineligible, by virtue of section 1214 of the Companies Act 2006^f2, to audit the accounts of a company which is an employer in relation to the scheme.

(2)

Paragraph (1)(d) does not apply in relation to the accounts and auditor’s statement for a relevant scheme for a scheme year—

(a)

in which, on the first day of that scheme year, the scheme has at least 500 participating employers; or

(b)

which immediately precedes a scheme year in which sub-paragraph (a) is satisfied.

(3)

In paragraph (2)—

• “relevant scheme” means a trust scheme which applies to earners in employment under different employers; and

• “scheme year” means—

  1. (a)

     a year specified for the purposes of the scheme in any document comprising the scheme or, if none, a period of 12 months commencing on 1st April or on such date as the trustees or managers select; or

  2. (b)

     such other period (if any) exceeding 6 months but not exceeding 18 months as is selected by the trustees or managers in connection with—

     1. (i)

        the commencement or termination of the scheme; or

     2. (ii)

        a variation of the date on which the year or period referred to in sub-paragraph (a) is to commence.”.