DC pension contributions: a shared responsibility

The Pensions Regulator has published final versions of its new codes of practice on monitoring money purchase pension contributions and reporting late payments. The two codes (there are parallel versions for trustees of occupational pension schemes and for insurers or other providers of personal pensions) are less prescriptive than was originally proposed. They now also include material on the responsibility of employers and members to check that contributions are paid correctly and on time.

Trustees of defined contribution (DC) arrangements have duties to: monitor the payment of contributions; provide information to members to check that contributions have been paid correctly; and report material payment failures to the Pensions Regulator and to members within a reasonable period.

These duties apply to DC arrangements that have a payment schedule — they don’t apply to additional voluntary contribution arrangements in a defined-benefit scheme, for example. The same basic duties apply to insurance companies or other providers of personal pension arrangements…

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