The Department for Work and Pensions (DWP) has published a new consultation ‘Strengthening The Pensions Regulator's Powers: Notifiable Events (Amendments) Regulations 2021’ which seeks views on changes to the type of events that trustees and employers are required to notify to The Pensions Regulator (TPR). 

At a glance

Pension scheme trustees and employers are required to notify TPR of certain prescribed events under section 69 Pensions Act 2004.

The government intend to extend the type of events that trustees and employers, in relation to a scheme, are required to notify TPR about with two additions, the:

  • Sale of a material proportion of the business or assets of a scheme employer which has funding responsibility for at least 20% of the scheme’s liabilities.
  • Granting of security on a debt to give it priority over debt to the scheme.

At the same time, the existing notifiable event of wrongful trading will be removed.

A new section 69A has been added to the Pension Act 2004 which introduces the duty for a relevant person to give notices and statements to TPR in respect of certain events.

  • This information is required at a later point in a corporate transaction than a notifiable event notification.
  • The draft regulations now under consultation apply this notice and statement requirement to the two proposed new notifiable events plus an existing notifiable event.

The views of interested parties are sought on any impacts of the proposed changes, including any unintended consequences that the draft regulations might have on specific groups.

The consultation opened on 8 September 2021 and runs until 27 October 2021. Responses can be sent by email or post.

Useful guides on this topic

Employer pension contributions
Is there a taxable employment benefit if an employer makes contributions to an employee's pension scheme? What are the rules for employer pension contributions?

Pensions: Tax rules and planning
What tax rules apply to pensions? What tax relief is available? What tax charges can arise? What planning opportunities are there?

Auto-enrolment: Workplace pensions (subscriber guide)
This guide looks at the key features of auto-enrolment, who is affected, what employers need to do, and the relevant timescales.

Pension contributions: Personal or company?
Is it more tax efficient to pay pension contributions personally or via your own company?

Pensions: Unauthorised payment charges
What is a pensions unauthorised payment? When does a tax charge arise? Who pays the charge? 

External links

Consultation: Strengthening The Pensions Regulator's Powers: Notifiable Events (Amendments) Regulations 2021

Small acorn
If you like our content come and join us.

Thousands of accountants and advisers and their clients use as their primary TAX resource.

Register with us now to receive our receive our FREE SME Topical Tax Update & newletter