Implications for pension schemes being included in the FRC's OEPI definition
ICAEW recently sought clarification from the FRC regarding aspects of the OEPI definition and permitted non-audit services as they relate to UK pension schemes, some of which are covered in the FRC's revised implementation guidance issued in November 2020. This guide explains the definition of ‘members’ and ‘assets’, clarifies whether the pension scheme is a ‘controlled undertaking’ where there is a corporate trustee company, covers prohibition of non-audit services to the sponsoring employer relating to pension scheme assets, liabilities or funding, and provides clarification regarding Master Trusts and Assurance Services under Tech 05/20 AAF.
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