Pensions - Articles - Comprehensive guidance needed ahead of TPRs new powers

 ACA Pension Schemes Committee Chair, Peter Williams, added: “It would also be helpful if TPR took the opportunity to amend some of its directions as to when events should be notifiable. For example, because of the way interest rates have fallen since the directions were first published in 2005, the £1.5 million threshold for reporting particular member related events has resulted in far more events being reportable, which is onerous for administrators and trustees.

 “There are also some uncertainties of interpretation of the legislation, both of the current trustee notifiable events regime and the soon to be modified employer notifiable events. The Code-related guidance would be the best place in which TPR could set out clearly its expectations.

 “It would also be an opportunity to clarify the requirements for ‘former employers’ who remain liable for s75 debts, and hence contribute to the scheme’s employer covenant, to bring these entities within the notifiable event framework.”