The Pensions Regulator is being more proactive in its approach to regulation. As such, it is increasingly common for pension scheme trustees, corporate sponsors, advisers and service providers to receive requests for information from the Regulator, both formal and informal.
Requests can be wide ranging and require information to be provided within a very short timescale. This guide sets out the key actions that you should take if you receive an information request.
Responding to formal requests "Section 72 notices"
Under section 72 of the Pensions Act 2004, the Regulator can require an individual or organisation to:
- produce any document or provide any other information that is relevant to the exercise of the Regulator's functions, and
- provide an explanation of any such document or information in writing or in person.
A Section 72 notice may be served on trustees, corporate sponsors, advisers, administrators or any other person who holds or appears to hold relevant information.