Trustees, scheme administrators and employers of workplace pension schemes
This website is for employers and trustees/scheme administrators of Zurich's UK work place pension schemes. This includes defined benefits and money purchase occupational schemes and group personal pension schemes. It is not intended for schemes who have a scheme number preceded by 'N' or an eight digit number commencing with 1 as these schemes have their own dedicated website.
For specific information and news items relevant to your type of scheme, please go to the tabbed area below. Please note, some areas are still under development.
Please visit this site regularly as we will be posting news items that we hope will be of interest to you and updating you on changes in legislation or regulations that impact your scheme.
Crackdown begins on poor record-keeping by schemes – October 2019
The trustees of hundreds of pension schemes are to be ordered to urgently review the data they hold as part of a crackdown on poor record-keeping. The Pensions Regulator (TPR) is asking the trustee boards of 400 schemes to conduct a data review within six months. These schemes are believed to have failed to review their data in the last three years. The trustees will be required to report to TPR what proportion of their members they hold accurate common and scheme-specific data for. Those that fail to do so may face action, which could include an improvement notice about their inadequate internal controls. Failure to comply with the notice carries a fine of up to £5,000 for an individual or up to £50,000 in any other case. Trustees that discover that the data they hold is of poor quality will be expected to draw up improvement plans to rectify the problem.
TPR tightens its regulatory grip to deliver better outcomes for pension savers – May 2019
Improving the participation, accountability, protection and confidence in occupational pension schemes forms the heart of TPR’s new corporate plan for 2019 - 2022. The plan outlines how as part of TPR’s more proactive and targeted approach hundreds more schemes will be contacted in the coming year. Communications clarifying duties and TPR’s expectations will be sent to schemes and new employers with auto enrolment responsibilities. Building on last year’s joint strategy with the FCA on tackling key risks facing the pensions sector, TPR and the FCA will launch a joint review of the consumer pension journey. This will explore how information from pension schemes and providers combine with guidance and advice services to help pension savers make well-informed decisions.
Schemes warned to comply with law on chair's statements – April 2019
Trustees must produce a chair's statement which is compliant with the law, TPR has warned after fines against two schemes were upheld in court. In separate cases, trustees failed to include the required information in their annual statement and were issued fines by TPR. Trustees appealed the decisions to the First-Tier Tribunal. The judges on both tribunal cases agreed that penalties for non-compliance were mandatory, the chair's statements were non-compliant with the law and TPR was right to issue the fines.
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