The Pensions Regulator is suspending regulatory initiatives but says employers must continue contributing into pension schemes, as the Government puts the UK on lockdown.
The regulator says DB benefits will need to continue to be paid and particular attention must be paid to scams. It has also called on the industry to support savers in making good decisions ‘in these challenging circumstances’. Full details of the measures can be found here.
Trustees and administrators are being ordered to report to TPR immediately if they have problems paying benefits. Administrators should prioritise payments of benefits, retirement processing and bereavement services, as well as any administrative functions required to support these.
Trustees are also being told to assess whether their business continuity plan (BCP) is still adequate and contact their administrator or service provider to find out what contingency is in place to mitigate their impact of increases in work volumes or unavailable staff.
A TPR spokesperson says: “We know this is a challenging time for everyone and we recognise the strain this is putting on employers.
“We will take a proportionate and risk-based approach towards enforcement decisions, in light of these challenging times, with the aim of helping to get employers back on track and supporting both employers and savers.”