In our December 2008 update, we noted that the DWP had published a consultation document and draft regulations setting out a number of deregulatory changes to TPR’s notifiable events framework. The Pensions Regulator (Miscellaneous Amendment) Regulations 2009 (the Regulations) have now been laid before Parliament and are due to come into force on 6 April 2009. The main provisions of the Regulations are:
- introduction of a staged increase in the “look back period” from 12 to 24 months which TPR can consider when deciding whether to issue a Financial Support Direction;
- removal of the requirement to notify TPR of any of the following events:
- two or more changes in the holders of any key scheme post within the previous 12 months;
- any change in the employer’s credit rating, or the employer ceasing to have a credit rating; and
- two or more changes in the holders of any key employer posts within the previous 12 months.
View the Regulations (41 KB pdf).
View the explanatory notes (101 KB pdf) to the Regulations.