The Pensions Regulator (TPR) has published updated Covid-19 guidance on reporting duties and enforcement activity, outlining plans for a “flexible approach”.

The regulator confirmed that it would be adopting a “more pragmatic approach” to what must be reported and its enforcement action amid the Covid-19 crisis.

The updated guidance has outlined a number of changes to reporting requirements that support this approach, stating that if a breach can be rectified in less than three months and does not negatively impact savers, then there is no need to report it.

However, schemes should still keep a record of any decisions and actions relating to breaches.

TPR added that it would be making decisions on whether to take regulatory action in respect of administrative or compliance requirement breaches on a case-by-case basis.

It added that it would also adopt a flexible approach here, for example by granting longer compliance periods and taking the pandemic into account.

The regulator emphasised however, that these easements were not appropriate for all areas of reporting and enforcement, highlighting a number of areas in particular that will not be eligible.

This includes annual benefit statements, chair’s statements, employer-related investment and master trusts.

Commenting on the updated guidance, TPR executive director of frontline regulation, Nicola Parish, said: “The pressures caused by Covid-19 have been felt throughout the pensions industry.

“That’s why we have taken steps to do what we can to reduce the regulatory burden on trustees, employers and providers at this unprecedented time.

“We will take a reasonable, pragmatic and proportionate approach to our regulatory work during Covid-19.”

“However,” she clarified, “there are a number of areas, particularly those regulations designed to directly protect savers’ interests, where we are not easing our requirements.

“Trustees, employers and providers should read TPR’s Covid-19 guidance so they are clear on what is expected of them at this time.”

TPR has provided further clarification around each of the excluded areas as to what flexibilities may be allowed, for example it confirmed that it will accept informal reporting to the supervisor in the first instance for master trusts.

This also follows updated guidance for employers published earlier today (9 April), which confirmed that auto-enrolment duties would “continue to apply as normal” throughout the pandemic.

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