TPR issues admin guidance, reviews reporting requirements
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The Pensions Regulator has published updated guidance on Covid-19 and scheme administration. The guidance is aimed at helping trustees work with administrators to secure the key functions of admin, such as benefit payments.
To achieve this, TPR says trustees should agree changes in operating procedures, such as around discretionary decisions, or payments that are normally made by cheque, and is reminding trustees to allow electronic signatures and documents and encourage providers to do the same.
To ensure payments can be made even where there is a delay in disinvestment processes, TPR urges trustees to hold higher than usual amounts in the scheme's bank accounts, noting that schemes and administrators should contact TPR if they think they will be unable to pay members’ benefits on time.
"We are reviewing our reporting requirements and will be issuing further advice on this shortly," the regulator said.
To ensure payments can be made even where there is a delay in disinvestment processes, TPR urges trustees to hold higher than usual amounts in the scheme's bank accounts, noting that schemes and administrators should contact TPR if they think they will be unable to pay members’ benefits on time.
"We are reviewing our reporting requirements and will be issuing further advice on this shortly," the regulator said.
