UK - Pension schemes will face large fines unless they meet looming deadlines on scheme wind-ups, OPRA warns.
Legislation introduced in April means that schemes which started winding up before 1990 have until June 1 to make their first report.
Any other schemes in wind-up must notify OPRA within three-years.
An OPRA spokeswoman said: “Many large employers have old schemes which began winding-up before 1990 and have not yet been completed.
“If these trustees do not provide OPRA with the relevant information on time, they risk large fines being imposed on them.”
But many trustees face problems in meeting these deadlines.
Law firm Pinsent Curtis Biddle associate Nicola Bumpus said: “The main issues which delay the winding-up of contracted-out pension schemes have not yet been addressed.
“Trustees do not know whether they need to equalise guaranteed minimum pensions and if so how it should be done.”
She hoped OPRA would be sympathetic to the problems trustees faced in reconciling GMP records with those held by the Contributions Agency.
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