Watchdog Warns Of 'New Normal' For Pension Deferrals
Law360, London (June 16, 2020, 5:13 PM BST) -- The Pensions Regulator warned Tuesday it does not want a "new normal" to emerge in which employers hit by the pandemic can automatically defer deficit payments into company retirement pots on a three-month rolling basis.
The watchdog reiterated that 1 in 10 U.K. employers had taken advantage of rules in March that allowed them to defer so-called deficit recovery contributions for three months.
TPR said in updated guidance published on Tuesday that trustees should take a tougher line on requests by employers to defer contributions for a further three months.
"We do not expect trustees to unquestioningly extend their original suspension arrangements...
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