The Pensions Regulator updates COVID-19 guidance
17 September 2020
As life begins to return to some form of normality following the disruption caused by coronavirus, The Pensions Regulator (TPR) has issued a press release to highlight to pension schemes the fact that it is returning to its normal reporting and enforcement measures.
Updated guidance has also been made available, and the main areas for consideration are as follows:
- In response to the outbreak of COVID-19, TPR extended the period in which Defined Contribution (DC) pension schemes and trustees had to report any late contribution payments. The temporary extension took the period from 90 days up to 150. This was to provide support to any employers struggling to bring late or missing payments up to date, by allowing them more time to work with pension providers, prior to any enforcement action being taken
- Guidance, which is due to be reviewed alongside other COVID-19 guidance in September 2020, ensures that, as of 1 January 2021, DC schemes and providers will be asked to revert to the previous practice of reporting late contribution payments within 90 days of their due date. This will become mandatory from 1 April 2021
- TPR has maintained throughout the duration of the pandemic that employers must continue making contributions in full, and on time. The extension of the deadline in which to report late payments was introduced in recognition of the pressure on employers in terms of TPR’s approach to enforcement
- From 1 October 2020, other types of enforcement will begin to return to normal on the levy side. Schemes will be required to submit audited accounts and investment statement reviews. TPR also intends to return to reviewing chairs’ statements submitted from that date onwards, as usual. These requirements were temporarily eased by TPR to allow trustees to focus on the imminent risks that the pandemic posed to their schemes. TPR will continue to take a risk-based, proportionate approach to any enforcement decisions
The full press release can be located here.
The information in this article is accurate at the time of publication. For all the latest information, news and resources on how the COVID-19 pandemic is affecting payroll professions, visit our Coronavirus hub.