The Pensions Regulator

ExchangeExchange

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FAQs

• General
• Registration
• Levy
• Waiver
• Wound up

You might also want to take a look at the scheme return FAQs.

General

What is Exchange?

Exchange is our new online service where you can share important information about your scheme and update your scheme details at a time convenient to you.

The details of my scheme have changed, what should I do?
You can update your scheme details online using Exchange.

Why do we have to update Exchange? 
It's the trustees' responsibility to keep the regulator informed of any changes to registrable scheme details. Exchange provides a new and easy way to do this, and replaces a number of paper forms.

How do I access Exchange?  
If you've completed a scheme return online you'll already have access to your scheme's details online and all other Exchange services.

If you've not already done this, please contact an adviser on 0870 6063636 for more information.

My scheme is a segregated/sectionalised scheme. Will I be able to update my scheme/section details online?
Yes, if you've completed a scheme return online you'll already have access to your main parent scheme and section details and all other Exchange services.

If you've not already done this, please contact an adviser on 0870 606 3636 or email us:

sectionalisedschemes@thepensionsregulator.gov.uk 

How much time do I have to update Exchange after a change to the scheme has taken place?
You should update changes to your scheme's details as soon as possible and for registrable information as soon as reasonably practicable.

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Registration

How much time do I have to register the scheme with the Pensions Regulator?
You have three months from when you register with HM Revenue and Customs (HMRC) to register your scheme with the regulator. 

What happens if I don't register the scheme?
It's a legal requirement to register the scheme with the regulator within three months of registering with HMRC. The scheme trustees could face a fine if they don't do this on time. 

Where can I find details about the scheme that needs to be registered?
For many schemes the information we require is very straightforward, such as the name and pension scheme tax reference number, details of the trustees, employer(s), insurer (if appropriate) and number of members.

Your IFA, scheme adviser or pension provider should be able to supply any information that you don't have in the scheme's accounts, benefit statements, trust deed and rules. 

My scheme is a personal pension, can I register online?
The ability for the personal pension provider to register personal pension schemes online will be available soon.

In the meantime we've designed a new simple form for personal pension schemes.   

My scheme is a group personal pension scheme, do I need to register?
No, group personal pension schemes do not need to be registered by an employer who is connected to this type of scheme.  However, the scheme is required to be registered by the personal pension provider. 

My scheme has death in service benefits only, do I need to register?
No, these schemes do not need to register with the regulator.  

I think I should have registered the scheme ages ago, what should I do?
You should register the scheme now. We'll contact you separately for the previous membership figures we need to enable us to calculate the levies that should have been paid.  

My scheme has fewer than two members, do I need to register?
No, a scheme is not registrable with the regulator until it has two or more members. If any members join the scheme, you'll need to register it with us.  

My scheme's registered after 1 April, will I pay levies for that year?
The scheme will be levied for a part-year so if the scheme first became registrable in June, the scheme will be liable for a levy from June till the following 31 March.  

My scheme's status is not open but it won't let me select any other option. What should I do?
Once you've registered your scheme you'll be able to access scheme maintenance and amend any information. This is where you can change the scheme status.  

I have submitted a registration but have not received confirmation of receipt, what should we do?
Once you've submitted your registration, please print off the last page. This will act as your confirmation of submission.

We would encourage trustees to keep a paper copy of their scheme details for reference. If you want to keep a copy of what you've submitted online, you can select the print option at the end of the form.    

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Levy

The membership of my scheme has changed, what should I do?
You can update your scheme's membership using scheme maintenance in Exchange. This will ensure our records are up to date and that you are invoiced correctly.

My scheme reduced to fewer than two members with effect from 1 April, do I have to pay that year's levy?
Yes, levy is still payable for that year.

How much will my invoice be?
This depends on how many members there are in the scheme. This affects which levy band applies and therefore how much the levy will be.

When does the levy have to be paid?
The Pensions Regulator general levy is due on 1 April every year. Invoices must be paid within 28 days of receipt.

Where have you got the scheme membership from?
The membership data has been taken from the latest membership figures we hold. This will most likely have been provided to us on your latest scheme return.

Who is responsible for paying the levy?
For occupational schemes it's the trustees' responsibility to ensure payment is made.

For personal pension schemes it's the responsibility of the manager to arrange payment.

How long do I have to pay the levy for?
Until the scheme has wound up or reduced to one member.

How can I pay the levy?
You can now pay your levy online by direct debit or debit card. We also continue to accept payment by BACS/CHAPS transfer, at a bank, or by cheque.

What types of levy can I pay online?
You can pay the Pensions Regulator's general and PPF administration levies online.

What about the risk or scheme-based levy?
You should contact the Pension Protection Fund directly if you have any questions about the PPF levies payable.

What is a direct debit?
A direct debit is an instruction from a customer to their bank or building society authorising an organisation to collect varying amounts from their account, as long as the customer has been given advance notice of the collection amounts and dates.

How do I set up a direct debit/debit card payment?
Log in to your scheme via Exchange using the same email address and password that you used to complete your scheme return. Select 'Levy and payments details' from the list of options and choose to 'Set up a direct debit' or 'Make a debit card payment'.

If you've not yet registered or associated to your scheme, please contact us to obtain your scheme key.

What details will I need to set up an online payment?
To set up a direct debit, you'll need your bank or building society account number, sort code and account name.

To make a debit card payment, you'll need your debit card and cardholder details.

How much advance notice will I be given?
You'll receive an advance notice by email 28 days before collection of your direct debit payment, and as long as you're happy with the details, you need do nothing.

If there's a change to the amount to be collected you'll be notified of this change a minimum of five working days before collection. If you're not happy with the details, please contact us.

What is the direct debit guarantee?
The direct debit guarantee ensures important safeguards for your protection, including:

• an immediate money back guarantee from your bank in the event of an error;
• advance notice if the date or amount changes; and
• the right to cancel at any time.

How do I cancel my direct debit?
You can cancel your direct debit at any time, by selecting 'Cancel' on the levy payments page, or through your bank.

If you cancel through your bank, please send us a copy of your letter.

If I set up a direct debit when will payment be taken?
If there is an outstanding balance on your scheme at the time you set up your direct debit, this amount will be collected on the 14th of the following month. Subsequent annual payments, and payments on schemes with no outstanding balance, will be collected 28 days after your invoice is issued.

You'll also receive an advance notice by email, detailing your payment schedule.

Can I pay by credit card?
No, you're not able to pay by credit card. You can make a payment using the following card types:

• Maestro
• Solo card
• Visa Delta
•  Visa Electron

Can I pay over the phone?
No, we're not able to take your details over the phone. However, if you're experiencing any difficulties, contact us and one of our customer advisers can talk you through each stage.

I am being asked to become the levy contact, what does this mean?
The levy contact is an authorised signatory for the pension scheme's bank account. The levy contact will receive the confirmation email for a debit card payment, and the advance notice for a direct debit payment.

The levy contact details can be updated at any time without affecting any existing direct debit instruction.

I set up a direct debit payment, why is there still an outstanding balance?
Your balance will not be updated until we have successfully received payment.

Our website will be updated overnight with your status as a direct debit payer and your balance will clear overnight on the day payment has been received.

I made a debit card payment, why is there still an outstanding balance?
Your balance will not be updated until we've successfully received payment. Once you can see the payment on your bank statement, please recheck your balance, allowing 24 hours for the system to be updated.

I received an email from WorldPay, who are they?
WorldPay are a secure banking facility which collects debit card payments on behalf of the Pensions Regulator. If you want to know more you can visit their website.

My scheme already has a direct debit set up, who set this up?
Anyone that is associated to your scheme has the ability to set up a direct debit. The person who sets up the direct debit becomes the levy contact, so please check with them first.

I have more than one bank account and I can't remember which one I set the payment against?
You can check with your bank or building society or against your bank statement for any direct debits with our service user number (SUN): 247026, or for any debit card payments.

If I set up a direct debit, or make a debit card payment, can anyone that accesses my scheme view my card details?
No. You're not able to view or amend the account details - you can only view the account name for identification purposes when cancelling a direct debit.

My bank account requires two signatories, how do I set up a direct debit?
In order to set up your direct debit, you'll need to download the paper instruction at the top of the page in the 'Set up a direct debit' screen. Both signatories need to sign this before sending it to us.

Can I authorise a third party to set up the direct debit on my behalf?
In order to set up a direct debit online you must be an authorised signatory for the pension scheme bank account.

In setting up the direct debit, you agree to become the levy contact and will receive the relevant correspondence. If you're not the authorised signatory, a paper instruction can be downloaded and sent to us, signed by the authorised signatory.

How will I know that payment has been taken by the Pensions Regulator?
Payment will be collected using our service user number (SUN): 247026 and your payee reference, which is the same as your Pension Scheme Reference (PSR) number.

I want a copy of my invoice/credit note, how do I get it?
Once you're logged in to your scheme you can view and print a current statement and any recent invoices from the levy payments page.

I think an unauthorised debit card or direct debit payment has been made against my bank account.
If you believe any unauthorised payment has been made, you should contact your bank or building society.

Who makes sure the organisations collecting money are reputable?
All organisations using the direct debit system are sponsored by their bank or building society. They are checked for integrity, sound financial standing and administrative capability before being permitted to offer direct debit to their customers.

I only want to pay one of the levies, can I do this online?
You're only able to pay your full outstanding balance online. If one of your levies is in dispute, you can pay by one of the other options of BACS/CHAPS transfer, at a bank, or by cheque.

I've set up a direct debit, but the amount due is based on incorrect membership.
You can update your scheme membership in Exchange. Once the membership has been updated a full credit and a new invoice will be generated and sent to you within ten working days.

You'll also receive an advance notice by email confirming the change in amount.

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Waiver

Am I eligible for a waiver?
Schemes where all the employers are either insolvent or have ceased participation within the scheme may be eligible for a waiver.

Defined contribution schemes will also need to confirm that there are no unallocated assets in the scheme to pay the levy.

If the principal employer is insolvent but the participating employer is active, am I eligible for a waiver?
In this situation, the levy is still due.

All employers have to be either insolvent or no longer participating in the scheme to be eligible for a waiver, and, in the case of defined contribution schemes, have no unallocated assets to pay the levy.

I want to apply for a waiver, how do I do this?
You can apply for a waiver online. Simply log in to You can update your scheme's membership using scheme maintenance in Exchange, select 'my scheme options' and 'set a waiver.'  Then follow the instructions on screen.

Do I have to apply for a waiver every year?
No, this is not necessary if the circumstances of the scheme have not changed.

However, if, for example, the trading status of the employer changes or a new employer joins the scheme, you must update these details online as soon as possible.

What about the Pension Protection Fund (PPF) levies?
You should contact the Pension Protection Fund directly if you have any questions about the PPF levies payable.

I don't know the date my company became insolvent, can you help me?
Companies House should be able to provide you with this information. 

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Wound up

My scheme has wound up, how do I let you know?
Simply log in to Exchange, select 'my scheme options' and choose 'scheme wound up'.

This will take you to some questions relating to the winding up of the scheme. Please note before you start this, you should make sure all the scheme details are up to date. This is because the scheme will be removed from your 'scheme listings page' once you've submitted notification that it has wound up.

My scheme is closed/paid up. Is this the same as being wound up?
No, a scheme is not classed as wound up until its liabilities have been dealt with and the trustees have received their statutory discharge.

My scheme has wound up and there are outstanding levies but there is no money to pay it, what should I do?
It's the trustees' responsibility to set aside money to pay the levy. You'll need to write to us with details your situation.

My scheme is winding up, do I have to pay the levy?
Yes, an annual levy will be payable until the scheme has fully wound up.

I have entered the wrong wind-up dates, how can I change them?
Please contact a customer adviser on 0870 6063636 and select option 1 to be transferred to someone who can help you.

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