TPR sets out reporting requirements during Covid-19
Pardon the Interruption
This article is just an example of the content available to mallowstreet members.
On average over 150 pieces of new content are published from across the industry per month on mallowstreet. Members get access to the latest developments, industry views and a range of in-depth research.
All the content on mallowstreet is accredited for CPD by the PMI and is available to trustees for free.
The Pensions Regulator said on Thursday that it has reviewed its reporting requirements to ease the burden for employers, trustees, pension advisers and providers so the focus can be on essential activities that need to be done to keep schemes running during the COVID-19 pandemic.
TPR has explained its "more flexible and pragmatic" approach to what must be reported at the moment, including when to take enforcement action.
The guidelines explain that
· On reporting requirements - if the breach can be rectified in less than three months and doesn’t negatively impact savers, there’s no need to report it. But a record should be kept of any decisions and actions.
· On enforcement - in making decisions about regulatory action in respect of breaches of administrative and compliance requirements, TPR said it will do so on a case-by-case basis and adopt a flexible approach, for example, granting longer compliance periods.
The guidance also provides "a non-exhaustive list of areas" where these principles will not apply.
Executive director of frontline regulation Nicola Parish said:
“We will take a reasonable, pragmatic and proportionate approach to our regulatory work during COVID-19. However, there are a number of areas, particularly those regulations designed to directly protect savers’ interests, where we are not easing our requirements. Trustees, employers and providers should read TPR’s COVID-19 guidance so they are clear on what is expected of them at this time.”