The Pensions Regulator

Get ready for the regulator's new systems...

a new, simple and secure way to exchange information with us

As the UK regulator of work-based pension schemes we work hard to improve confidence in work-based pensions by protecting members' benefits and encouraging high standards and good practice in running pension schemes.

Trustees of all work-based pension schemes must provide a regular return of information – called a scheme return – to the regulator. To help simplify this process, we're introducing a new online scheme update system. The new system, called Exchange, will be available later this year.

Initially, there will be two areas of Exchange: the first to be introduced will enable trustees of occupational schemes to complete their scheme return online and the second will allow trustees to update their scheme details. Both will help trustees of occupational pension schemes meet their requirement to provide a regular scheme return.

What is scheme return information used for?

The information we gather from scheme returns helps us gain an accurate view of occupational schemes within the UK. It guarantees that we have the most up-to-date scheme information available and ensures that levies are calculated accurately.

What are we doing to help trustees administer their schemes more effectively?

We'll be introducing trustees to the new online scheme return later this year. Our new system has been significantly redesigned and tailored to enable trustees to submit their returns with more simplicity. We continue to look at ways of improving the scheme return system wherever possible.

A view from the defined contribution based scheme return

Key benefits…

Once trustees have submitted their returns they will be able to access their updated scheme details for the first time. This allows trustees to view and amend their scheme details online 24 hours a day, 7 days a week without having to rely on forms.

Trustees involved with more than one scheme will now be able to complete returns and manage any changes to scheme details for all their schemes from one account.

When will scheme returns be issued?

• We will start to issue scheme return notices for defined benefit schemes from December 2007
• We will start to issue scheme return notices for small defined contribution (2-11 members) schemes from December 2007
• Large defined contribution schemes will be receiving their scheme return notices from January 2008

What should trustees be looking out for?

The scheme return notice will be sent by first class post and to schemes' designated registered address and will include an easy user guide.

What should a trustee do once they have received their scheme return notice? Simply follow these steps:

1. Gather: Gather and review scheme information
2. Due date: Check the scheme's due date mentioned in the scheme return notice
3. User registration: Once a trustee (or their representative) has registered their basic details an email will be sent to them. They should follow the link provided in the email
4. Association: A trustee (or their representative) should then enter the scheme's unique pensions registry number (PSR) and key, both of which they can find in the notice
5. Initial questions: A trustee (or their representative) of defined contribution schemes will be greeted with four initial questions. And trustees of defined benefit schemes will be greeted with five initial questions which will establish if the scheme return is to be completed at this time
6. Print existing scheme details: A PDF print of the scheme details is available at any time once the scheme has been selected, but this should not generally be necessary
7. Complete: Trustees' should then complete the 6 sections for defined contribution schemes and 7 sections for defined benefit schemes, viewing and confirming the pre-populated information provided in the fields, amending as required
8. Submit: When the trustee is happy with the scheme's updated details then the return can be submitted
9. Reference copy:  We recommend that trustees print or save a reference copy for their records. A PDF version of the updated schemes information will be available once the return is submitted

A new, simple and secure way to exchange information with us…

Published: The Pensions Regulator's website, September 2007