Pensions SORP 2018: what has changed?

The Pensions Statement of Recommended Practice (SORP) has been updated to bring it in line with the latest FRS 102 triennial review. Sarah Perrin ACA looks at the key changes including common investment funds, definition of a financial institution and material uncertainty

The latest update to the Pensions Statement of Recommended Practice (SORP) 2018 avoids change for change’s sake but will still require pension scheme trustees to apply their judgment in a few new ways.

Issued in June 2018, the new SORP brings the 2015 guidance into line with the current version of FRS 102. ‘Our overall approach was to update the SORP for changes to FRS 102 [after the Financial Reporting Council triennial review] and legislation,’ says Kevin Clark, chair of the Pensions Research Accountants Group (PRAG) SORP working party and leader of KPMG’s pension scheme assurance services.

‘We

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