Outsourced Payroll Professionals

The Pensions Regulator Issues Stakeholder Update

At the start of August 2020, The Pensions Regulator (TPR) issued its latest ‘Stakeholder Update’. The content has four sections, which are useful to look at:

News

This includes, amongst other news:

  • The new Environment, Social and Governance (ESG) reporting duties that come into force on 01 October 2020.  This is where all trustees are required to produce an Implementation Statement for their scheme
  • New guidance from the Pensions and Lifetime Savings Association (PLSA) about the new reporting deadlines and duties
  • TPR’s evolving approach to supervision of schemes in a ‘COVID-19 world’, linking to their blog

 

Events
  • A Defined Benefits (DB) scheme consultation on their proposal for a clearer funding framework. This was published in March 2020 with an extended closing date of 02 September 2020

 

Reports

The publication of two regulatory intervention reports which shows how TPR  ‘intervened’ with two DB pension schemes:

  1. Investigation into Bernard Matthews Limited and why it went into the Pension Protection Fund after the company’s insolvency
  2. After settlement discussions and the issue of a Warning Notice, a look at the National Institute of Agricultural Botany pension scheme and how it is now in a stronger position

 

Keep Updated

There are two very interesting issues that employers may wish to register their interest in:

  1. The Pensions Dashboards Programme and how employers are able to sign up for a monthly email newsletter for updates
  2. Signing up for The TPR’s newsletter for trustees and scheme managers of pension schemes

Get in touch


To find out more about fully managed payroll outsourcing with a personal touch, contact Trace Payroll Services today.

Call Trace Payroll Services on 0845 873 5619