On Apr. 2, UK PRAG issued Virgin Media accounting discussion paper.
Following continued discussions surrounding the Court of Appeal’s decision on Virgin Media Ltd versus NTL Pension Trustees II Ltd case (Virgin Media Case) in 2024, the PRAG Executive are issuing a discussion paper outlining elements of understanding.
Follows UK PLSA Oct. 2024 called for urgent action to remedy issues, see #230829.
Paper Overview
Paper considers how the Virgin Media Case may be considered in relation to FRS 102 Contingent Liability Disclosure rules for pension schemes and in relation to pensions Statement of Recommended Practice (SORP - 2018), for future accounting purposes.
The purpose of this paper is to provide a foundation for considering and discussing the impact of the Virgin Media Case on pension scheme accounts, for all those involved.
Recognizing the complexity of the matter, PRAG is now seeking members' input on seven questions set out in the discussion paper, before issuing any formal guidance.
A link to the feedback form is included in the document and its members can access this discussion paper now, via the Members/Publications area of the PRAG Website.
Effectiveness
PRAG kindly request that members complete a feedback form by Friday, May 9, 2025.
Regulators
UK PRAG
Entity Types
Auditor; Pension
Reference
DP, PR 4/2/2025; FRS 102; SORP (2018)
Functions
Accounting; Actuarial and Valuation; Compliance; Financial; Reporting; Risk
