Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

TPR publishes coronavirus guidance

Open-access content Monday 23rd March 2020 — updated 12.05pm, Tuesday 5th May 2020
Authors
CHRIS SEEKINGS

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.

virus

The guide explains how benefits must continue to be paid to members of defined benefit (DB) pension schemes, and the risk of scams minimised.

It also highlights how employers need to continue contributing to schemes, and recommends that savers be provided with support to make good financial decisions.

TPR said that administrative breaches of the law may occur as COVID-19 unleashes "unprecedented" challenges, and that it will take a "proportionate and fair" response.

"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," the regulator said in a statement.

The guide urges trustees to assess whether their business continuity plan is still adequate and to find out what contingency is in place to mitigate the impact of increases in work volumes or unavailable staff.

Trustees of DB schemes with a sponsoring employer at risk, or who has asked to reduce or suspend your deficit repair contributions, are advised to read TPR's corporate distress page.

Administrators are advised to prioritise payments of benefits, retirement processing and bereavement services, as well as any administrative functions required to support these.

The guide also warns that scammers may target pension savers more aggressively as people look to transfer their pensions during uncertain times.

"The guidance also notes the regulator is suspending its regulatory initiatives and postponing some of its activity," said XPS Pensions head of pensions solutions Wayne Segers. "Notable is that it expects to extend the consultation period for new funding rules. 

"While an extension is understandable the good practice outlined in the code is very helpful for making decisions in such challenging times. I would encourage employers and trustees to reflect this in decision making."

TPR's guide will be updated over the coming weeks as risks evolve.

Image credit | iStock
Filed in
News

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ