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Pension Funds

Volume 205: debated on Monday 9 March 1992

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To ask the Secretary of State for Social Security if he will bring forward legislation to ensure that pension funds do not have an accounting period in excess of 12 months.

Occupational pension scheme trustees have a statutory obligation to obtain annually, and to make available to members and beneficiaries, audited accounts in respect of each scheme year. The scheme year must be a period of 12 months, other than exceptionally where the scheme changes its accounting year. Draft regulations tightening the present arrangements have already been considered by the Occupational Pensions Board and will be introduced as quickly as possible.