Covid-19 guidance

The Pensions Regulator has issued various Covid-19-related guidance since the onset of the pandemic.  Much of the guidance is aimed at larger occupational pension schemes, but the following guidance potentially has some relevance to SSASs:

DC scheme management and investment: COVID-19 guidance for trustees

This guidance was issued on 27 March and was then updated on 21 May.  It makes clear that processing transfer values is a "core financial transaction" which the Regulator expects trustees to prioritise.  

COVID-19: an update on reporting duties and enforcement activity

This guidance was originally published on 9 April and announced that the Regulator had decided to adopt a more flexible approach to reporting breaches of the law due to the Covid-19 situation and that in general, if a breach would be rectified within less than three months and did not have a negative impact on savers, there was no need to report to the Regulator, but trustees should keep records of any decisions made and actions taken.  However, for some key areas the Regulator issued more specific guidance and the general principle did not apply.  The guidance was updated on 16 June to say that most reporting requirements will resume as normal from 1 July, though pension providers will continue to have 150 days to report late payment of contributions (other than deficit repair contributions) where the Regulator normally requires information on late payments within 90 days.  The Regulator will review the late reporting easement again at the end of September.