An information sheet is available to employers on request to help report pensions obligations in company accounts.
Employers must account for their pension obligations in the Industry Scheme on a “defined contribution” basis because the Industry Scheme cannot calculate individual assets or liabilities for individual employers. The Scheme’s experience is pooled. As a result, all participating employers and their employees pay the same contribution rates regardless of their experience. The Scheme’s contribution rates up to 30 June 2019 are summarised here.
There is no requirement in the employer debt regulations for companies to disclose the amount of a potential section 75 employer debt in company accounts. Employers should take their own professional advice on the circumstances that may override this.
To request more detailed information please contact us here.