TPR update on COVID-19

TPR update on COVID-19

The Pensions Regulator (TPR) has issued an update on COVID-19 (coronavirus) for trustees, employers and administrators which provides guidance for those TPR regulates and works with.

TPR says trustees of both defined benefit (DB) and defined contribution (DC) schemes, employers and administrators should focus their activities on the key risks to pension savers:

• benefits need to be paid (DB only);

• the risk of scams needs to be minimised;

• employers need to continue contributing;

• savers need support to make good decisions in these challenging circumstances;

• some administrative breaches of the law may occur and TPR will maintain a proportionate and fair approach to any action it may take.

TPR is closely monitoring the COVID-19 situation, and working collaboratively with government, regulators and other bodies to assess the most immediate risks to pension schemes.

TPR’s COVID-19 page on its website covers:

• Its expectations of trustees. If you are the trustee of a DB scheme and your sponsoring employer is at risk, or has asked you to reduce or suspend your scheme’s deficit repair contributions, TPR has issued Guidance for DB scheme trustees whose sponsoring employers are in corporate distress

• Helping protect your members from scams

• Administrators

• Employers

• Timings of TPR’s regulatory communications, publications and events

• If you are in difficulty

The page will be updated over the coming weeks as TPR responds to feedback, intelligence and the evolving risks.

Source: COVID-19: an update for trustees, employers and administrators

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