Criminal sanctions loom

Article Abstract:

The shortened period for preparing annual reports for pension plans in the UK presents a challenge to accountants. The Pensions Act 1995, 'The Occupational Pension Schemes (Requirements to Obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, SI 1996/1975,' now require all pension schemes to submit their audited accounts within seven months, instead of the previous 12 months, for all pension plan years ending on or after Apr. 6, 1997. To help accounting practitioners meet the seven-month deadline, the Pensions Research Accountants Group has released Statement of Recommended Practice (SORP), 'Financial Reports of Pension Schemes.' The SORP resolves accounting issues not addressed by SORP 1 'Pension Scheme Accounts' (1986), offers recommendations to resolve problems in report preparation, and provides guidelines on meeting disclosure requirements pertaining to report content.

Accounting and auditing, Auditing, Corporation reports, Company reports

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Sex discrimination and the ECJ

Article Abstract:

The European Court of Justice (ECJ) has issued its final rulings on six landmark cases involving sex discrimination in corporate pension programs. Each of the cases sheds new light on issues which were not thoroughly discussed in the ECJ's celebrated 'Barber v. Guardian Royal Exchange' decision in 1990, which held that the equal pay provision (article I19) of the Treaty of Rome meant that men and women should receive equal treatment in pension plans sponsored by their employers. The first decision handed down by the ECJ, 'Colorall Pension Trustees,' focused on the rationale for applying Article I19 and gave details on how various types of pension plans should be treated. The other five cases reviewed tackled other aspects of pensions law and gave the ECJ an opportunity to provide legal guidance to governments on how pension reform in both the private and public sectors should proceed.

Sex discrimination, European Court of Justice

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A guide for the finance director

Article Abstract:

The first part of the UK's Pensions Act 1995 seeks to ensure the security of funds held in company pension plans. It introduces three new protective measures: the minimum funding requirement, the member-nominated trustee requirement, and the creation of the Pensions Compensation Board and Scheme. The first measure requires pension schemes to have assets that must at least be equal to their liabilities. The second requirement calls for the nomination of at least one-third of the trustees corporate pension plans by the plan members. The third measure is the establishment of the Pensions Board to cover for pension schemes whose corporate sponsors have gone bankrupt. Sec. of State for Social Security Peter Lilley lauds the passage of the Pensions Act.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, United Kingdom

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