Pensions - Articles - TPR on importance of employers paying pension contributions

Kate Smith reflects on the Pension Regulator’s update on what the COVID-19 pandemic means for the pension system.

 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.”

Back to Index

Similar News to this Story

PASA announces Origo as partner for Pensions Dashboard
The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, today ann
New COVID19 pension guidance published for employers
New guidance setting out how employers can meet their automatic enrolment (AE) duties as they navigate the effects of the coronavirus pandemic has bee
Aegon comment on the latest guidance for employers from TPR
ommentary from Aegon’s head of pensions, Kate Smith, on the latest guidance for employers from the Pensions Regulator (TPR).

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.