Changes to annual financial statements for pension funds

Changes to annual financial statements for pensio...

Following the SAICA Retirement Fund Meeting held on 3 September 2013, consensus was reached with the Financial Services Board (FSB) that the revised retirement fund annual financial statements will be effective for year-ends from 31 January 2013.

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The revised annual financial statement template has been published on the FSB’s website. It has however not been Gazetted. A practical consideration is that, while the FSB has indicated both the old and revised annual financial statements will be accepted if submitted by Funds; the auditors will not be able to issue opinions on the revised annual financial statements until it has been Gazetted. This is in order to comply with the Regulatory Reporting Framework for Retirement Funds.

Overall the FSB has enhanced the qualitative disclosures across various schedules to ensure that Schedule HA (Notes to the annual financial statements, IA (Schedules pertaining to the annual financial statements) and IB’s (Assets held in compliance with Regulation 28) investment disclosures align in the financial statements.

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