Yesterday, 16th June, the Pensions Regulator (TPR) announced an extension to measures designed to help UK pension schemes navigate the challenges presented by the COVID-19 pandemic.
TPR will continue to give defined contribution and automatic enrollment providers 150 days to report late payments of contributions. Previously, TPR required information on late payments within 90 days.
However, the guidance now asks trustees to resume reporting certain key information to ensure risks are being managed and savers protected. From 1 July, pension trustees should resume reporting information to TPR, including:
- Suspended or reduced contributions – TPR will expect a revised recovery plan or a report of missed contributions;
- Late valuations and recovery plan not agreed;
- Delays in cash equivalent transfer quotations and payments;
- Failure to prepare audited accounts;
- Master trusts, where formal reporting will resume.
Charles Counsell, TPR’s Chief Executive, said:
“COVID-19 has had a huge impact on us all and so during this unprecedented time we have continued to listen and talk to trustees and employers. We are determined to help where we can by taking a pragmatic approach while remaining focused on the need to protect savers.”
Read more here.
