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ARTICLE · 21 MAY 2020

COVID-19: Pensions Guidance For Employers And Schemes - Second Update

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The Pensions Regulator (the Regulator) provided new and welcome guidance on both 9 and 17 April for employers, trustees and providers in relation to the challenging current circumstances

CanadaCoronavirus (COVID-19)
Richard Lee
Richard Lee
Hannah Beacham
Hannah Beacham
Sarah Tate
Sarah Tate
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The Pensions Regulator (the Regulator) provided new and welcome guidance on both 9 and 17 April for employers, trustees and providers in relation to the challenging current circumstances, and in particular the pensions aspects of the Coronavirus Job Retention Scheme (CJRS). On 29 April, new guidance was also published on communicating to members.

This Insight focuses on the Regulator's new approach to the reporting duties and enforcement activity and member communication.

Trustees and providers will welcome the Regulator's new relaxations on reporting duties for certain breaches and the Regulator's proportionate and risk based approach when considering enforcement action.

The latest guidance on communications is aimed at trustees, but will be relevant to administrators and managers too. Clear communication is at the heart of the message, and additional safeguards will also be required for transfers out of defined benefit (DB) arrangements.

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