The 2018 Pension SORP is applicable for years commencing on or after 1 January 2019, allowing good time to implement the changes. Trustees may want to adopt the 2018 SORP early, so an approach should be agreed, ensuring administrators and accounts preparers are on board.
The updates ensure consistency with the current version of FRS 102 [PDF] and pension legislation. The changes include the withdrawal of transitional investment disclosure requirements, and the incorporation of some minor clarification points.
The good news is that the update of the Pensions SORP is not a major overhaul, but a consolidation of changes brought in by FRS 102, regulatory updates, and clarification on certain points.
In many cases, most pension schemes will already be complying with many of the changes. However, there are a number of areas that trustees and accounts preparers should look out for to ensure they are fully compliant.
If Trustees have any concerns regarding the implications of the new SORP, then seeking specialist advice is essential. We are able to draw on our in-depth knowledge to support Trustees through the new disclosure requirements.