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TUC welcomes retention of 90-day reporting period for non-payment of pension contributions
Welcoming the publication recently (Friday) of revised codes of practice and guidance by the Pensions Regulator on maintaining pension contributions for trust-based and work-placed defined contribution (DC) schemes, TUC General Secretary Frances O'Grady said:
'This new information is key to making the auto-enrolment of staff into workplace pensions a success and boosting standards of practice in DC schemes.
'The non-payment of employer pension contributions are a major detriment to members. We are therefore pleased that the Pensions Regulator has listened to the TUC and retained the existing 90-day reporting period, rather than extending it to 120 days, in the event of wilful non-payment by employers.
'Extending the reporting period would have reduced trust in auto-enrolment and sent out the wrong the message to employers who aren't paying contributions.'
NOTES TO EDITORS:
- The Pensions Regulator guidance is available at www.thepensionsregulator.gov.uk/press/pn13-19.aspx
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
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