Two draft codes of practice on the reporting of late payments of contributions to pension schemes have been laid before Parliament.
Legislation on the late payment of contributions to occupational money purchase schemes and to personal pensions are expected to be effective from April, claims the Pensions Regulator. The codes of practice give guidelines about reporting to the Regulator and to members the late payment of contributions, as well as clarifying the obligations of trustees and pension scheme managers to report to the Regulator the late payment of contributions into the pension scheme. However the reporting of late payments will only need to be done where it is likely to be of material significance. Example...
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