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Late payment reporting: COVID-19 information for providers

Published: 16 September 2020

From 1 January 2021, we are asking pension scheme providers and trustees to revert to reporting payment failures that are 90 days outstanding, rather than 150 days, as set out in code of practice 5 for occupational pension schemes and code 6 for personal pension schemes.

We expect all schemes to return to 90 day payment failure reporting as soon as possible after 1 January. However, we acknowledge that this change back to business as usual will have an impact on providers’ systems and processes, so we are allowing up to 1 April for schemes that may need the extra time to make the necessary adjustments and work with employers to bring any outstanding contributions up to date. 90 days reporting will become mandatory for all providers from 1 April.

The temporary easement to reporting outstanding payments at 150 days, rather than 90, only ever applied to payment failures that were material because they were outstanding for a certain period – providers should continue to report all and any other payment failures as set out in the codes of practice 5 and 6 via the Maintaining Contributions Portal.