The Pensions and Lifetime Savings Association (PLSA) comments on new Covid-19 pension guidance for employers from the Pensions Regulator.
Lizzy Holliday, Head of DC, Master Trusts and Lifetime Savings, PLSA said: “In this extraordinarily challenging time, it is vital that employers have clarity about the support available in meeting their pensions responsibilities.
“The latest guidance from the Pensions Regulator provides helpful clarification about employers’ continuing pension responsibilities – and also some additional easements for schemes which may help employers too, including some changes to reporting periods and flexibility on employer consultation requirements in certain circumstances. Additional information about the pension contribution element of the Government’s job retention scheme is also welcome – as is our ongoing conversation with Government and Regulators about what further guidance might be needed.
“Together with last week’s confirmation that companies would receive grants from the Government to support pension contributions for furloughed workers, this latest guidance demonstrates that policymakers and regulators are rightly seeking to support employers and savers in respect of long term financial wellbeing, during this crisis.”
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