UK's OPRA issues late contributions guidance
UK - The Occupational Pensions Regulatory Authority has issued new guidance on how trustees should report late payments of contributions, saying it aims to reduce the amount trustees have to report.
"In keeping with its new risk-based approach, OPRA only expects reports where there is a significant risk to members' interests," the body said in a statement.
It says it no longer wants reports concerning minor late payment problems that have been quickly rectified. "However, trustees should continue to report contributions that are outstanding for 90 days or more.
"They should also report late contributions that may indicate further problems such as the employers' inability to pay, or where contributions are being misused."
OPRA says that employers are still required to pay contributions by the legal deadlines and must inform members where the employer does not pay contributions within 60 days of the due date.
"Contributions - when OPRA expects trustees to report late payment of contributions (Update 5)" is available on the authority's website.