24-09-2020

The Pensions Regulator (TPR) has updated its COVID-19 guidance setting out what is expected of pension scheme providers going forward.

At the start of the pandemic in March, the Pension regulator extended the maximum period defined contribution (DC) pension schemes and trustees had to report late contribution payments from 90 to 150 days. This extension gave struggling employers more time to work with pension providers to bring late or missing payments up to date before enforcement action was taken.

This guidance, which was due to be formally reviewed along with other COVID-19 guidance this month, means that from 1 January 2021, DC schemes and providers will be asked to resume reporting late contribution payments no later than 90 days after the due date. The time frame for reverting to 90 days maximum late reporting has been set to ensure schemes have sufficient time to adjust systems and processes and to ensure employers who suffered the effects of the pandemic have been afforded the additional time to work with their provider to bring any outstanding contributions up to date.

TPR has been clear throughout the pandemic that employers must continue to make contributions in full and on time. The extension of the maximum period for reporting late payments reflected our proportionate approach to enforcement in light of the pressure on employers.

From 1 October, other types of enforcement will start to return to normal. This includes enforcing the requirement for schemes to submit audited accounts and investment statement reviews. TPR will also revert to reviewing chairs’ statements submitted on and after that date as usual.

TPR temporarily eased these requirements so trustees could concentrate on the immediate risks the pandemic caused to their schemes. We will continue to take a risk-based, proportionate approach to enforcement decisions.

More details can be found here.


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