HM Revenue and Customs (HMRC) has published a draft Statutory Instrument and draft Explanatory Memorandum for comment.
HMRC can ask for audited accounts of registered pension schemes to be provided. Previously under tax and Department for Work and Pensions (DWP) regulations, a sponsoring employer of a scheme was prevented from being an auditor.
DWP regulations were amended last year to provide an exemption for very large trust-based multi-employer schemes with 500 or more employers. The Auditor Regulations make similar changes to the tax legislation.
The Auditor Regulations are expected to have effect from 6 April 2015.