Pensions Regulator’s COVID-19 update signals return to business as usual

What you need to know

  • The Pensions Regulator (TPR) has updated a few pieces of its COVID-19 related guidance on its website.
    The bulk of guidance remains as before.
  • TPR had eased reporting and enforcement requirements at the start of the outbreak, so that schemes could
    focus on the immediate issues caused by the pandemic.
  • In June, TPR signalled a return to normal reporting requirements in most areas from 1 July 2020.
  • TPR’s view is that now the time is right to return to its usual reporting and enforcement approach, as schemes and companies adjust to a ‘new normal’. It will resume normal reporting and enforcement from 1 October 2020 apart from the reporting of late contributions. Schemes will be required to revert to the usual mandatory reporting timescales for outstanding contributions from 1 April 2021.

Actions you can take

Read the updated guidance on TPR’s website here.
Ensure your providers’ systems and processes are ready in time for reporting changes.
Ensure any work in progress (e.g. scheme accounts) is prioritised, if necessary, to meet 1 October 2020 deadline.

Changes to TPR guidance issued on 16 September 2020

For further information, please get in touch with William Fitchew or speak to your usual XPS Pensions contact.

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