The Pensions Regulator

The requirement to report breaches

• Breaches of the law which affect pension schemes should be considered for reporting to the Pensions Regulator.
• The decision whether to report requires two key judgements:
  1. is there reasonable cause to believe there has been a breach of the law;
  2. if so, is the breach likely to be of material significance to the Pensions regulator?
• Not every breach needs to be reported.

Who does the requirement to report apply to?

• There is a wide range of reporters:
  • trustees and their advisers and service providers (including those carrying out tasks such as administration or fund management);
  • managers of schemes not set up under trust; and
  • employers sponsoring or participating in work-based pension schemes.

Which pension schemes does the requirement to report apply to?

• The requirement applies to occupational and personal pension schemes (including stakeholder schemes).

Reporting arrangements

• All reporters should have effective arrangements in place to meet their duty to report breaches of the law.
• Reliance cannot be placed on waiting for others to report.
• Breaches should be reported as soon as reasonably practicable.
• Failure to report when required to do so is a civil offence.