Spotlight on pension contribution accuracy and The Pensions Regulator’s requirements

Overview

Earlier this year, The Pensions Regulator’s General Code of Practice came into effect with a renewed focus on good member outcomes. This has resulted in many pension providers asking for extra information from employers, to ensure they can meet their duty to monitor the payment of pension contributions. 

Due to this increased monitoring, we've already seen UK organisations checking for discrepancies in their contribution processes. Many of the pension contribution errors identified have been significant; with a requirement for remediation projects to calculate and apply large corrective payments.

In this article, we discuss:

• The context of change
• Our thoughts on the concerning increase in contribution errors
• Inaccuracy themes and the causes
• How UK organisations can better understand, and manage, the type and frequency of errors within today’s pension contribution processes

Do you need to review your scheme?

We would recommend that now is the time to review your pension contribution processes and rules, given the regulatory shift and the ever-changing landscape.

Watch our video here, where Sue Waites and Richard Allen discuss in more detail.

Download our publication

Please get in touch if you want to discuss anything further, or have any questions.