Overdue Annual Reports

It is a requirement of the legislation, contained at regulation 2 of the Occupational Pension Schemes (Requirements to obtain Audited Accounts and a Statement from the Auditor) Regulations 1996, that the trustees must obtain the audited accounts and auditors' statement no more than seven months after the end of each scheme year which ends on or after 6 April 1997. So, for example, the trustees of a scheme with a year end of 5 April 1998 had to obtain the audited accounts and auditors' statement by 5 November 1998. Trustees who fail to comply, without reasonable excuse, are guilty of an offence and liable on summary conviction to a fine.

The Occupational Pension Schemes (Disclosure of Information) Regulations 1996 dovetail with the Audited Accounts Regulations so that the trustees have to make the annual report containing the audited accounts and auditors statement and other required information available to members and recognised trade unions within the same seven month deadline.