PRAG has working parties considering various subjects. Certain subjects are ongoing and "standing" working parties continue to operate to deal with various issues as they arise from time to time. Other working parties are formed to focus on specific issues and then publish a report for circulation to members. PRAG is keen to sponsor new working parties and is currently seeking to establish groups looking at Summary Reporting and Myners. If you would like to be involved with these working parties or have suggestions for an alternative working party please contact the Research Secretary. Standing working parties are: SORP The role of the SORP Working Party is to ensure that the SORP reflects best practice and guidance in accordance with legislation and Financial Reporting Standards. The original SORP was issued in July 1996 and the current working party published a revised version in December 2002 taking into consideration changes in accounting practice and legislation in the intervening period. Details of the how to acquire a copy of the new SORP are available here. At the request of the Accounting Standards Board, the SORP Working Party agreed to "kick off" a debate on whether actuarial liabilities should be included in the Financial Reports of Pension Schemes, effectively converting the present "Net Assets Statement" into a Balance Sheet through the inclusion of long term liabilities to pay future benefits etc. This debate commenced with the production of a consultative paper issued shortly before PRAG's annual AGM in November 2002. This allowed a wide-ranging debate to take place at the AGM. The consultation period closed 28 February 2003. The working party is currently collating the responses received and plan to meet with the Accounting Standards Board shortly. The results of the consultation are now public and available here. Europe The role of the European Working Party is to keep a focus on Pan European issues that are likely to have a consequence on the UK. To this end, the Committee seek feedback from many individuals, organisations and other committees involved in Europe to identify the likely impact on UK pension arrangements. Internal Audit This is one of PRAG's most wide-ranging working parties. It considers a host of topics generally from an "internal control" perspective, including trustees? contracts with providers, stakeholder pensions, AVCs etc. Guidance is issued in the form of checklists that are available to members in soft copy here. In the last month the working party has regrouped and a meeting is being held in the near future to consider new subjects as well as revisit subjects on which guidance has previously been given. Tax This Working Party was originally formed to provide guidance on dealing with the new self-assessment regime introduced by the Inland Revenue. However, it continues to monitor taxation matters generally and maintains close contact with the PSO on various issues. PRAG has not responded to the Government's paper on simplifying taxation of pensions, but is supportive of the general principle. Current Specific Working Parties are: PRAG / PMI Pensions Terminology This working party has recently reformed to update the PRAG / PMI Pensions Terminology booklet which was last updated in 2007. Derivatives Revised guidance was published in 2007 on this subject.
Stakeholder Schemes
This working party has put together some checklists of basic questions and controls that should be considered in connection with Stakeholder schemes. Copies of the guidance and checklist are available here to anyone concerned. Others In the last few years PRAG has completed projects on accounting for insurance policies, VAT and outsourcing and a wider pensions industry group has looked at model administration agreements. | 
