Updated draft Pensions SORP: PRAG encourages all stakeholders to respond to the Consultation

Pensions Research Accountants Group (PRAG) has, today, published an ‘Invitation to Comment’ from all interested parties, alongside proposed amendments to Statement of Recommended Practice, Financial Reports of Pension Schemes 2025 (the “draft SORP”).

The SORP was last reviewed and updated in 2018. Since that time, the Financial Reporting Council (FRC) has made a number of amendments to Financial Reporting Standard 102, the principal accounting standard applicable to pension schemes in the UK and Republic of Ireland. There have also been a number of industry developments which impact on pension scheme financial reporting, for example in pension scheme investment strategies. In addition, there have been changes to pensions legislation and regulations.

Andy Lowe, Chair of the PRAG SORP Working Party, said:  “We have reflected the changes to FRS 102 in the revised SORP, and have also consulted extensively across stakeholder groups as to any proposed changes to the SORP, and received a number of suggestions for amendments, additional clarifications and illustrative examples.”

“We thank all parties, including the FRC, for their engagement in the process of updating the SORP. We are committed to developing the SORP based on evidence from consultation with all stakeholders, including users, preparers and others; and very much welcome comments on the draft SORP.”

All documents can be found at: https://www.prag.org.uk/prag-sorp-consultation-2025  

The deadline for submission of comments is Wednesday 17 September 2025.

Webinar

It is currently proposed to hold a webinar on Friday 18 July 2025 at 10.00am for all interested parties to hear, first-hand, further details about the proposed amendments to the draft SORP.

Please ‘register’ for the webinar via the following link: Pensions draft SORP 2025; Webinar Briefing.

24 June 2025

The Pensions Research Accountants Group (‘PRAG’) is the FRC’s designated SORP-making body for pension schemes. PRAG is a leading independent industry body working for the development of occupational pension schemes, with a focus on financial reporting and internal control.