In these unprecedented times, the Pensions Regulator is making it easier to stay up to date with the latest pensions information. Please read these guidance updates for employers of a defined contribution pension scheme.
Changes to the Coronavirus Job Retention Scheme
The Regulator has updated guidance on the Coronavirus Job Retention Scheme. Changes reflect:
- how furloughed staff working part-time affects contributions
- other technical guidance on areas like salary sacrifice
Trustees have a responsibility to ensure that scheme members are paying and receiving the correct contributions. Please make sure you are aware of these changes.
Reporting requirements – what pension schemes need to notify from 1 July
In response to COVID-19 the Regulator relaxed some reporting requirements. But from 1 July trustees will need to start reporting again on breaches such as:
- suspended contributions
- late valuations
- delays in cash equivalent transfer value quotations and payments
- failure to provide audited accounts
Help vulnerable savers contact administrators
It’s important that during COVID-19 the most vulnerable savers remain able to contact administrators. For those digitally disengaged, that may mean via post or telephone services. Please encourage scheme trustees to work with the administrator to ensure this provision is in place.