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Moratoriums for employers in financial difficulty

The Corporate Insolvency and Governance Act came into force on 26 June 2020. This Act enables companies in financial difficulty to apply for a moratorium so that they can explore rescue and restructuring options.

A monitor must notify us as they do creditors if a company entering a moratorium is or has been the sponsoring employer of a pension scheme providing defined benefits. The monitor must be a licensed insolvency practitioner.

The monitor must also notify us when a moratorium is extended and when it is brought to an end.

We do not expect to be notified where an employer no longer has any obligation to a pension scheme providing defined benefits.

Monitors should notify us by email at Include the scheme name and Pension Scheme Registry (PSR) number if possible.

Where the Act requires, monitors should also notify the trustees of the scheme and the Pension Protection Fund.

We will take a risk-based approach, reviewing and assessing the information we receive against a range of risk indicators. We may ask for extra information in the first instance.

Note that all contributions due in respect of the company’s employees who are members of any occupational pension scheme must still be made during a moratorium.

For more information on the duties of monitors, read moratorium guidance on GOV.UK.

You can also read Corporate Insolvency and Governance Act factsheets on GOV.UK.