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  • Martin Hooper

    Martin Hooper

    Principal and Senior Consultant - Corporate Actuary

  • This accounting note for Q4 2021 will help those involved in preparing and auditing pension disclosure under Accounting Standards FRS102 (UK non-listed), IAS19 (EU listed) and ASC715 (US listed) as at 31 December 2021.  


    It covers current issues for company directors setting assumptions, and for auditors determining whether they are appropriate.

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    Key topics

    • Significant recovery in IAS19 positions: Despite this, the improvement in 2021 followed a deterioration in 2020 and it may be that many schemes are now only back to where they started before the pandemic.
    • Impact of Covid-19 on demographics: The CMI estimates there have been 120,000 more deaths in the UK than would have been expected since the start of the pandemic, but this is unlikely to mean a significant reduction in pension scheme liabilities.
    • GMP equalisation: With the focus will now moving to implementation, companies should be aware that where more generous methods are used (compared to the initial estimate of the cost), this could trigger additional P&L charges.

    Further topics featured include the below. 

    • IAS19 disclosure requirements
    • the Accounting Standards discount rate
    • inflation based on RPI and CPI
    • mortality assumptions

    Read our briefing note to stay up-to-date with the latest issues in pensions financial reporting.

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    Stay up to date by reading our latest edition of Current issues in pensions financial reporting. 

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