The following Pensions practice note provides comprehensive and up to date legal information covering:
The Coronavirus (COVID-19) pandemic has been challenging for employers participating in pension schemes.
This Practice Note covers the impact of coronavirus on such employers, as well as government measures introduced to relieve some of the pensions-related pressure on them (eg through the Coronavirus Job Retention Scheme (CJRS), the insolvency relaxations introduced by the Corporate Insolvency and Governance Act 2020 (CIGA 2020) and the Kickstart Scheme).
This Practice Note also covers employers’ responsibility to initiate claims on the death of certain key workers under the NHS and Social Care Coronavirus Life Assurance Scheme 2020.
For information on the issues specific to scheme trustees, see Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees.
The Pensions Regulator (TPR) took a proportionate and risk-based approach towards enforcement decisions, with the aim of helping employers to get back on track and supporting both employers and savers.
Consistently with this, TPR decided that:
until 30 June 2020, it would not take regulatory action in respect of a defined benefit (DB) scheme if a valuation submission was delayed by no more than three months after the 15 month statutory deadline. Nor did it expect a failure to agree to be reported if the delay did not exceed three months. For more information, see Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees—Funding impact for DB schemes
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