ARIES INSIGHT:

  GUIDANCE ON THE MEANING AND IMPACT
  OF PENSIONS LEGISLATION CHANGES
 

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  VIRTUAL QUESTIONS FOR TPR
The Pensions Regulator (TPR) has been quizzed by the Work and Pensions Committee about the organisation's response to the COVID-19 outbreak. As the published transcript shows, there were several breaks in transmission of the physically-distanced responses, but here are the central themes emanating from the discussion:

Q. Explain exactly what is meant by "a proportionate and risk-based approach towards enforcement decisions...with

the aim of supporting both employers and savers".

A. The commitment throughout has been to protect pension savers, and to be clear and quick in issuing guidance to trustees. Focus was also on automatic enrolment (AE) and employer duties. Scheme providers have received various easements including an extended period for reporting contribution failures.

Q. Is there much falling away of automatic

enrolment contributions?

A. Not much evidence at the time of this discussion (19 May 2020). With the DWP, TPR are carrying out a survey of providers to keep track of opt-outs and contributions.

Q. How frequently has TPR been approached by struggling employers?

A. TPR has received very few approaches . . .

29 May 2020   Check other news items

Aries monitors every development in new and proposed legislation

Guidance on the meaning and impact of Pensions Legislation changes

25 Years experience working with over 100 top Pension Providers and UK Authorities

Clear and straight advice on putting Pensions Legislation changes into practice

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Ensure compliance with all Regulatory Requirements for Pensions

 
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