The UK Pensions Regulator has launched a consultation on the revised codes of practice on reporting late payment of contributions to defined contribution (DC) occupational and personal pension schemes and accompanying guidance. Deadline for comments is 6 December, 2012.
This consultation relates to TPR's codes of practice for maintaining contributions. These codes and the accompanying guidance aim to improve transparency and ensure that everyone involved in the flow of contributions has a clear understanding of their accountabilities.
It’s in everyone's interests that the money each scheme member receives in their pension pot is correct and transferred on time. It is therefore important that employers, pension schemes and members all play their part in making sure that an accurate flow of contributions is maintained. These parties are best placed to spot any issues and deal with them as they arise.
The consultation sets out new codes of practice which will replace the regulator's existing codes 5 and 6 on reporting contributions. It explains existing duties and shows our intention to build on existing good practice to ensure the accurate and timely flow of contributions into schemes. TPR is also consulting on guidance which will support the new codes.
The consultation also shows that the regulator will continue to encourage resolution of disputes about contributions between those that are already involved – those running schemes, employers and employees. And as a risk-based regulator,TPR will focus its resources and enforcement powers on situations where employers wilfully or deliberately do not pay the contributions due.
Closing date is December 6, 2012.
Full consultation
© The Pensions Regulator
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