Jurisdiction(s):
United Kingdom

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Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

Micro-entities accounts regime (Companies Act 2006): qualification and group thresholds, exclusions, FRS 105 abridged accounts, reporting exemptions, audit and filing requirements—2015 Regulations as amended by the 2024 Regulations

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Practice notes

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The statutory framework for the Annual accounts and reports of micro-entities (a sub-group of small companies) is set out in:

Part 15 of the Companies Act 2006 (CA 2006)
the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008, SI 2008/409 (Small Companies Regulations)
the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980 (2015 Regulations)
the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 (2024 Regulations)

This Practice Note concentrates on the accounting regime for micro-entities under the 2015 Regulations, incorporating amendments made by the 2024 Regulations. For an overview of the CA 2006 Rules on company annual accounts and reports, see Practice Note: Accounts and reports—an outline of the statutory framework.

Why a separate regime for micro-entities?

Until 2012, micro-entities complied with the same financial reporting requirements as other small companies. The European Commission, following consultations on encouraging the growth and expansion of small and medium-sized enterprises (SMEs) across the EU, identified company law and accounting obligations as imposing disproportionate administrative burdens and costs on SMEs. It considered that these demands could inhibit the growth and success of SMEs...

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Web page updated on 21/05/2026

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