24 Mar TPR stakeholder update: Covid-19 guidance

We have received the below from The Pensions Regulator.

These are unprecedented, challenging and uncertain times for trustees, employers, administrators and, crucially, savers – and there are different pressures on different areas of the pensions system.

We are closely monitoring the COVID-19 situation, and working collaboratively with government, regulators and other bodies to assess the most immediate risks to pension schemes. Trustees of both DB and DC schemes, employers and administrators should focus their activities on the key risks to pension savers:

• benefits need to be paid (DB only)
• the risk of scams needs to be minimised
• employers need to continue to meet their workplace pension duties
• savers need support to make good decisions in these challenging circumstances
• some administrative breaches of the law may occur and we will maintain a proportionate and fair approach to any action we may take

This update is to share the guidance that we have now provided for those we regulate and work with, and includes :

• our expectations of trustees
• helping to protect savers from scams
• the role of employers and administrators
• timings of our regulatory communications, publications and events

We will send a further update to you in due course. In the meantime, please do keep an eye on our guidance – which will be updated as we respond to feedback, intelligence and the evolving situation.

If you have any questions about the above, please direct them to stakeholder@tpr.gov.uk, and we will respond to you as quickly as possible.