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Pensions Regulator plans new online scheme update system
Practical Law UK Legal Update 7-376-6265 (Approx. 3 pages)
Pensions Regulator plans new online scheme update system
| Published on 02 Oct 2007 • England, Scotland, Wales |
The Pensions Regulator has announced that it will introduce a new online system, called Exchange, that will enable trustees of occupational pension schemes to both complete their scheme return and update their scheme details online. The new system will be available later this year and is intended to simplify the requirement on trustees of occupational pension schemes to provide a regular scheme return.
Scheme return notices will be issued by first class post to the scheme's designated registered address, from December 2007. Once a trustee has submitted a return, they will be able to view and amend their scheme details online, 24 hours a day, and trustees involved with more than one scheme will be able to manage these from one single account.
Once a trustee receives their scheme return notice, actions to take include the following:
- Registering their basic details.
- Entering the scheme's unique pensions registry number and key, contained in the notice.
- Answering a series of initial questions, which differ depending on whether the scheme is defined benefit or defined contribution.
- Completing the relevant sections and making any necessary amendments.
- Submitting the return.