PRAG was established in 1976 on the initiative of Mike Young, a chartered accountant and pension scheme manager. He was the first chairman and is now the Group's life president.
The first, and probably the best known, publication of the Group was a report entitled "Financial Reports for Pension Funds". This report had a revolutionary effect on pension fund reporting and formed a blueprint for subsequent legislation and accounting practices.
During 1996 PRAG was recognised by the Accounting Standards Board as the appropriate organisation to issue Statements of Recommended Practice (SORPs) for pension schemes resulting in the publication of a new SORP entitled "Financial Reports of Pension Schemes" in July 1996, updated in November 2002, and further revised in 2007 and 2015.
The group is administered by an Executive Committee of up to seventeen people.