The Pensions Regulator

New system makes it easier to supply correct scheme informationNew system makes it easier to supply correct scheme information

Ref: PN07-19
11 December 2007

A new online web-based scheme return is now live, making it easier for schemes to provide the correct information to the Pensions Regulator.

It is in a scheme’s best interest to ensure that information is up to date so that levy payments can be invoiced correctly – scheme return data is used to calculate the Pensions Regulator’s general administration levy and by the PPF to calculate its pension protection levy. The information gained also enables scheme members to trace their scheme accurately and ensures the register holds the most up-to-date scheme information available.

Pensions Regulator chief executive Tony Hobman said: “The new scheme return marks a considerable step forward in the way data is collected by the regulator. Schemes are now able to provide up-to-date scheme information whenever they need to.”

After a significant redesign during the year, the new online system:

• pre-populates scheme returns with information already held on the register;
• requests only essential information;
• immediately updates the regulator’s internal database when a return has been submitted.

The system also introduces online scheme maintenance – available to schemes once they have submitted a completed return. This allows trustees and administrators to update and amend their details at any point during the year.

Pension Protection Fund chief executive, Partha Dasgupta, said: "Supplying the right information has never been more important for pension schemes paying the Pension Protection Levy as it will ensure they do not pay any more levy than they have to. Trustees must help themselves by making sure they provide accurate information by the set deadlines.

“This is doubly important as, unlike previous years when we have allowed schemes to correct information after they have received their levy invoices, we will only use data which is held by the regulator on 31 March 2008.”

To view the scheme return section of the regulator’s website visit: www.thepensionsregulator.gov.uk/onlineServices. Schemes will be informed about access to their scheme return via the scheme return notice which will be issued directly to the scheme’s registered address.

Editor's notes

1.         It is a legal requirement to provide a scheme return to the Pensions Regulator. This year scheme information must be entered on to the regulator’s new and redesigned online scheme return system.

2.         Defined benefit/hybrid and small defined contribution schemes will be receiving their returns from the beginning of December 2007 through to January 2008. Large defined contribution schemes will be receiving their scheme return from February 2008.

3.         Schemes will in future be able to upload the correct information ont the scheme maintenance area of the website (which will be available to schemes after they have submitted their return). This will need to be amended by 31 March 2008 if the updated information is to be taken into account in 2008-2009 levy calculations.

4.         Previously, the PPF allowed schemes to correct information after they received their levy invoices. For 2008-2009 levy invoicing and collection, the PPF will not allow any corrections to the scheme return data held by the regulator on March 31 2008.

5.         Every scheme must, by law, have submitted its first s179 valuation to the regulator by 31 March 2008 to ensure scheme levies are calculated on the best possible information.       

6.         The Pensions Regulator is the regulator of work-based pensions in the UK, with wide-ranging and flexible powers under the Pensions Act 2004. The powers of the Pensions Regulator include the ability to: collect more detailed scheme information; issue improvement notices and third party notices, enabling the regulator to ensure problems are put right; freeze a scheme that is at risk while the regulator investigates; and prohibit trustees who are judged not fit and proper to carry out their duties. The Pensions Act 2004 also imposes a statutory obligation on 'whistleblowers' to report suspected breaches of the legislation to the regulator.