Correction: Notifiable events regime

Professional Pensions
clock • 1 min read

A Professional Pensions article saying the expanded notifiable events regime had come into force today was published in error.

The expanded notifiable events regime was due to come into force today (April 6) but has been delayed.

The Department for Work and Pensions says it is planning to introduce these changes in due course.

Professional Pensions apologises for our error.

When the  new notifiable events regime comes into force, scheme employers are expected to be required to notify the regulator about a broader range of corporate events.

These include employers taking a decision in principle to sell a "material proportion" of its business or assets, or taking a similar decision to grant or extend a relevant security ranking above the pension scheme.

Employers failing to alert the regulator to any notifiable event will face civil penalties of up to £1m - fines that were toughened from 1 October last year.

The new disclosures will come in a bid to improve the existing early warning system for corporate events - alerting both trustees and the watchdog to any activity that could impact defined benefit schemes and the ability of the employer to support that scheme.

The new notifiable events regime is expected to require companies to set out the notifiable event; the main terms proposed; and any adverse effect it might have on the pension scheme or the employer's ability to support the pension scheme. It will also require employers to set out any mitigations they are proposing as well as details about how it has communicated this event to the trustees of the scheme.

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