SCOTTISH PARLIAMENTARY CONTRIBUTORY PENSION FUND ACCOUNTS DIRECTION GIVEN BY THE AUDITOR GENERAL FOR SCOTLAND IN ACCORDANCE WITH PARAGRAPH 4 OF SCHEDULE 1 TO THE SCOTLAND ACT 1998 (TRANSITORY AND TRANSITIONAL PROVISIONS) (SCOTLAND PARLIAMENTARY PENSION SCHEME) ORDER 1999

1. The Scottish Parliamentary Corporate Body shall prepare the Scottish Parliamentary Contributory Pension Fund (SPCPF) financial statements for the year ended 31 March 2004 and each subsequent financial year, comprising:

• a Foreword;
• a Fund account; and
• a Net Assets statement (including such notes as may be necessary for the purposes referred to in the following paragraphs).

2. The accounts shall give a true and fair view of the financial transactions of the Fund during the year and of the disposition at the year-end of its assets and liabilities, other than liabilities to pay pensions and benefits after the end of the Fund year.

3. The Foreword shall consist of information concerning the Scottish Parliamentary Contributory Pension Fund and should inter alia:

• provide summary details of and a reference to the Scottish Parliamentary Corporate Body’s report, the investment report, the actuarial report (to be prepared at least every 3 years), and the compliance statement. These reports shall be prepared in accordance with the requirements of the Statement of Recommended Practice - Financial Reports of Pension Schemes issued by the Pension Research Accountants Group in 2002;
• state that the financial statements have been prepared in accordance with directions given by the Auditor General for Scotland in pursuance of paragraph 4 of Schedule 1 to the Scotland Act (Transitory and Transitional Provision) (Scotland Parliamentary Pension Scheme) Order 1999; and
• include an explanation of the statutory background to the financial statements.

4. The Foreword will be accompanied by a statement of the Scottish Parliamentary Corporate Body’s responsibilities, which together with the Foreword and Accounts will be published not later than nine months after the end of the financial year to which the account relates.

5. Subject to these requirements, the financial statements shall be prepared in accordance with:

• the Statement of Recommended Practice (SORP), Financial Reports of Pension Schemes, issued in 2002 in so far as this is appropriate to the circumstances of the Fund;
• generally accepted accounting practice in the United Kingdom (UK GAAP) where relevant to the Fund’s circumstances; and
• the 1995 Pensions Act, in so far as this is required for the Fund.

6. The financial statements, prepared in accordance with this Direction must be sent for audit to the Auditor General for Scotland not later than 6 months after the end of the financial year to which the account relates.

7. This Accounts Direction supersedes that issued on 26 February 2003.

Auditor General for Scotland
5 May 2004