NAPF welcomes the ASB’s project to simplify and consolidate the framework for financial reporting in the UK and Republic of Ireland.  Regrettably, in the process the ASB has proposed new disclosure requirements for pension schemes that do not meet the needs of trustees and scheme beneficiaries (for whom the financial statements are intended) but which will involve considerable expense for a number of larger pension schemes.

The NAPF recommends that instead the Pensions SORP specify what additional requirements, if any, are appropriate for pension schemes.

Download document