The Pensions Research Accountants Group (PRAG) has launched a consultation on proposed changes to the draft Statement of Recommended Practice (SORP), Financial Reports of Pension Schemes 2025.

Whilst the SORP has not been updated since 2018, a number of broader changes and updates have been seen in the industry in this time.

In particular, PRAG noted that the Financial Reporting Council (FRC) has made a number of amendments to Financial Reporting Standard 102 (FRS 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 that impact on pension scheme financial reporting, such as in pension scheme investment strategies.

Given this, the PRAG is inviting interested parties to comment on its updated SORP, which looks to reflect the changes to FRS 102, as well as current pension legislation and regulations, and recent pension scheme and industry developments.

Commenting on the update, PRAG SORP Working Party chair, Andy Lowe, 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.”

The deadline for submission of comments is 17 September 2025.

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