The Pensions Research Accountants Group (PRAG) has released 2026 Statement of Recommended Practice (SORP) for financial reporting of pension schemes with a number of significant changes.

This is the first overhaul of the pension accounting rules since 2018, and reflects some major financial reporting and accounting revisions due to the impact of various changes to UK GAAP FRS 102 and pension scheme reporting in general over the period.

A PDF version available of the new SORP is available on the PRAG website with a final printed version currently being prepared. The 2026 SORP must be adopted for all periods commencing on or after 1 January 2026.