Scheme auditor meaning

THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMES Given the intricacies of contemporary pensions law and scheme administration, it is little surprise that trustees of occupational pension schemes typically engage professional advisers to help them discharge their responsibilities. In addition, trustees of most registered arrangements are under a legal duty to appoint specified professional advisers, though certain schemes are excluded from these duties, depending on the character of the relevant pension scheme. For more information, see Appointing pension professional advisers and other service providers. Types of professional advisers Professionals commonly engaged in connection with (defined benefit) occupational pension schemes include: scheme auditor scheme actuary fund manager custodian of assets legal adviser Strictly, there is no statutory obligation on trustees of registered pension schemes to appoint legal advisers; however, where any individual is appointed as a legal adviser by someone other than the trustees and the trustees rely on that person’s skill or judgement, the trustees may...

Background to the Future Generations Act First tabled in 2012, the Bill that ultimately became the Well-being of Future Generations (Wales) Act 2015 (WFG(W) 2015) initially bore the title ‘Sustainable Development Bill’, a name that hinted at its wide purpose. The First Minister later rebranded it the ‘Future Generations Bill’ to signal a shift in focus that brought the social and economic strands of sustainable development to the fore. Environmental groups argued that this change of name indicated a step back from the environmental sustainability aims highlighted during the early consultations. Welsh Government’s focus on sustainable development predates this legislation. Under section 79 of the Government of Wales Act 2006, Welsh Ministers are required to set out a scheme explaining how, in carrying out their functions, they will promote sustainable development. The Welsh Government’s scheme, ‘One Wales: One Planet’, describes the National Assembly for Wales’ approach. Launched in 2009, it defines ‘sustainable development’ in Wales as follows: sustainable development means enhancing the economic, social and environmental wellbeing of...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...