ExchangeExchange FAQs

What is Exchange?

Exchange is our 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 an 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 us on 0870 6063636 and select option 2 to speak with a scheme relationship advisor or you can email us: exchange@thepensionsregulator.gov.uk

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 us on 0870 6063636 and select option 2 to speak with a scheme relationship advisor or you can 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.

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 or scheme managers 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?

Yes, you can register a personal pension scheme online using Exchange.   

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.  

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. We are currently unable to take payment details via telephone or payments by credit card.

What types of levy can I pay online?

You can pay all levies shown on your Pensions Regulator invoice. This may include:

• The Pensions Regulator General levy
• Pension Protection Fund Administration levy
• Pensions Compensation Board levy
• Fraud Compensation levy
• Pension Protection Fund initial levy

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.

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.

You can make payment using the following card types:

• Maestro
• Solo card
• Visa Delta
• Visa Electron

How do I set up a direct debit/debit card payment?

You can set up a direct debit or debit card payment by following the four easy steps below:

1. Log on...to Exchange https://exchange.thepensionsregulator.gov.uk/

2. Navigate...to the 'my schemes' page and select from your list of associated schemes*

3. Choose...'Maintain / View scheme levy' from the 'Scheme options' page

4. Select...to make a Debit card or Direct debit payment, set a levy waiver or view and print levy related documents

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

How much advance notice will I be given?

You'll receive an advance notice by email twenty eight 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 twenty eight days after your invoice is issued.

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

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 twenty four hours for the system to be updated.

I received an email from WorldPay, who are they?

WorldPay is 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.

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 canceling 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.

I have more than one bank account and I can not remember which one I set the direct debit against?

You can check with your bank or building society or against your bank statement. Direct debits will be shown with our service user number (SUN): 2470026.

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 have just set up a direct debit. My scheme currently has an outstanding balance. Will the outstanding balance be collected via direct debit?

Yes. You do not need to make a payment for the outstanding balance. This amount will be collected on the 14th day of the following month.

If you have made a payment for the outstanding balance by another payment method before the direct debit has been collected, the original outstanding balance will still be taken from your account by direct debit on the 14th day of the following month.

I have made an error with my payment or a duplicate payment. What should I do?

Contact our scheme relationship team and a member of our staff will be able to help you.

You can email us at: exchange@thepensionsregulator.gov.uk. Or, you can telephone us on 0870 606 3636 selecting option 1 for levy services. Lines are open Monday to Friday, 9am until 5.30pm.

I want a copy of my invoice, credit note or statement. How do I get it?      

You can download copies of your recent levy documents and pay the outstanding balance online by following the four easy steps below:

1. Log on...to Exchange https://exchange.thepensionsregulator.gov.uk/

2. Navigate...to the 'my schemes' page and select from your list of associated schemes*

3. Choose...'Maintain / View scheme levy' from the 'Scheme options' page

4. Select...to make a Debit card or Direct debit payment, set a levy waiver or view and print levy related documents

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

I think an unauthorised debit card or direct debit payment has been made against my bank account.

If you believe any unauthorised transaction 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 have received an invoice but the amount due is based on incorrect membership. 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. Once the membership has been updated a full credit and a new invoice will be generated and sent to you within fifteen working days.

If you set up a direct debit, you will also receive an advance notice by email confirming the change in the amount.

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 twenty eight days of the invoice date.

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 less than two members.

What about the risk or scheme-based levy?

You should contact the Pension Protection Fund directly if you have any questions about the Pension Protection Fund levies payable.

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 Pension Protection Fund 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.

How will I gain access to these pages on Exchange?

Once the system goes live, you will be able to log into Exchange and select any DB or hybrid scheme that you're associated with, as normal. You will then see an option to 'Submit / view a recovery plan'. Select this and follow the on-screen prompts.

If you're not registered with Exchange, select the 'register now' link from the Exchange login page If you have any problems, please contact us on 0870 6063636 and select option 2 to speak with a scheme relationship adviser.

If you haven't associated your Exchange account with a relevant scheme, you will need to request the security key information from the scheme trustees. The Pensions Regulator has provided trustees with this information as part of the scheme return process. If you have any problems getting this information, please contact the scheme relationship team on the above number.

I have just submitted, via Exchange, the most recent valuation information for this scheme in the scheme return.  Why are you asking me to do this again?

The scheme return doesn't constitute the formal submission of the scheme's valuation. You will still need to upload signed copies of the recovery plan and schedule of contributions and complete the valuation summary form.

What should I do if I've already started working on a valuation summary return spreadsheet?

Once the system goes live you will need to make your submission via Exchange rather than by post or email. Therefore, if you have already started working on an Excel version of the form, you will need to key the information into Exchange.

How will I be able to send documents if you're not accepting anything via the post?

The new system will allow the upload of PDF files, so you can still send signed copies of the recovery plan, schedule of contributions and any other documentation to support the submission.

Will the valuation summary content be changing too?

No - the questions are based on the 'October 2009' valuation summary form which was available on our website.

How will I know The Pensions Regulator has received my scheme's recovery plan?

When you submit the valuation summary form and the supporting documentation (including the recovery plan), we will send you an email confirming its receipt into our systems.

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 us on 0870 6063636 and select option 1 to speak with a scheme relationship adviser.

Scheme return FAQs

DB specific scheme return FAQs