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.