How to Declare Your Workplace Pension to The Pensions Regulator
Once you have set up your workplace scheme, it is important to make sure that your pension scheme is compliant with regulations set by The Pensions Regulator (TPR).
What is The Pensions Regulator?
The Pensions Regulator is a government agency that oversees workplace pensions in the United Kingdom. Their main goal is to protect the retirement savings of employees and ensure that employers are meeting their legal obligations when it comes to providing a workplace pension.
Why Do I Need to Declare My Workplace Pension?
As an employer, it is your responsibility to make sure that your workplace pension is compliant with TPR regulations. This includes providing accurate information about your pension scheme and ensuring that it meets the minimum requirements for contributions and benefits.
How Do I Declare My Workplace Pension?
Declaring your workplace pension to TPR is a simple process. Once you have set up your pension scheme, you can declare it by filling out a declaration of compliance form on the TPR website. This form will ask for information about your pension scheme, such as the name and address of your pension provider, the number of employees enrolled, and the contribution rates.
You must declare your compliance within five months of your start date, or you may be fined. TPR recommends you do it as soon as possible. They have produced a checklist with all the information you need to send them and where you can find it. This includes the following.
Your unique Employer Pension Scheme Registry (EPSR) number – this is your four-digit employer (ER) code.
The Pension Scheme Registry (PSR) number for the NOW: Pensions Trust: 12005124
Our address: now:pensions Trustee Ltd, 6 Bevis Marks, London, EC3A 7BA
You can start your declaration of compliance here. TPR estimates it takes about 15 minutes once you have all the information to hand.
What Happens After I Declare My Workplace Pension?
After you have submitted your declaration of compliance, TPR will review the information you have provided to ensure that your workplace pension is compliant. If everything is in order, you will receive a confirmation from TPR stating that your pension scheme has been declared compliant.
If there are any issues with your declaration, TPR will contact you to discuss the next steps. It is important to address any issues as soon as possible to avoid penalties or fines from TPR.