Housing associations participating in the Local Government Pension Scheme (LGPS) must show full details of funding position in their annual accounts under the FRS 102 or IAS 19 accounting standards.
Up to now, housing associations participating in the Social Housing Pension Scheme (SHPS) Defined Benefit plans have been able to treat these schemes as Defined Contribution (DC) arrangements for accounting purposes.
However now that FRS 102 has been implemented, they have to disclose the present value of contributions payable under any deficit reduction schedule within the balance sheet – rather than simply recognising actual contributions as an expense in the profit and loss account.
We can help your housing association meet its company accounting requirements by:
We offer a simple service at a fixed and reasonable price, working quickly but thoroughly to agreed timescales.
First Actuarial are very approachable. They’re good at helping managers and Board members digest a very difficult area, and they’ve also been proactive in helping us shape an innovative solution.
– Paul Richmond, Group Director of Finance and Resources, Watford Community Housing
Make sure you’ve got the information you need to monitor your pension arrangements. First Actuarial’s firstwatch service provides an affordable package of essential pension resources for Housing Associations.
