Kate Smith, Head of Pensions at Aegon comments: “As the impact of the COVID-19 crisis is felt wider and deeper, the Pensions Regulator has stressed the importance of employers continuing to pay pension contributions. Acknowledging that this might not be the top priority for some employers right now, TPR has conceded that administrative breaches, such as failing to pass on pension contributions to pension providers on time, may occur. However the expectation is that most employers will continue to meet the regulatory timelines. It’s really important that pension contributions from employers and employees are paid on time, and it shouldn’t be forgotten that employer contributions are part of employees’ wage packets.
“As part of our industry’s remit of supporting savers make good decisions, we all need to minimise the risk of customers falling victim to scammers. The climate we find ourselves in unfortunately is perfect for fraudsters, intent on preying on people’s anxieties and encouraging them to make decisions they wouldn’t normally. It’s ever more important to be vigilant to keep pensions safe, and for providers, advisers and guidance services to support pension savers to continue to make the right decisions.
“At this challenging time, quite rightly, the regulator has put all regulatory initiatives on hold, including the plan to bring the 15 codes of practice into one code.”
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