Featured Topics
Regions
Magazine Archive
For more information about PLANSPONSOR Europe
James RedgraveManaging Editor Tel:+44(0)2073973802Tel:+44(0)7817305075EMAIL
Graham SimonsNews Editor Tel:+44(0)2073973801 EMAIL
Daljit S. SokhiOnline Sales Manager Tel:+44(0)2073973809 Mob:+44(0)7792419482EMAIL
Robert W. JonesGlobal Publisher Tel:203-595-3174EMAIL
PLANSPONSOR Europe
is also available in a digital edition.
Check it out HERE
Where Do you Go for Financial Advice?
Got News?
If you have news of interest to plan sponsors, email us at news@plansponsoreurope.com
The watchdog has been at odds with the insurance industry for months about whether providers should check their clients' payroll data to ensure the sums they pay into schemes are correct, in line with the legislation. As the rules stand, insurers believe they can accept the figures sponsors tell them, and simply have to ensure those payments are made on time. The regulator will put its proposals to public consultation next week, including an extension to the ammount of time sponsors have to make up missed payments. Regardless of whether the rules on ensuring accuracy change, providers will have to take steps to recover unpaid cash before handing cases to the regulator. As things stand, they can give 19 days before they contact the sponsor, and a further 90 days, during which they have to engage with their client about the issue, before handing it to the regulator. But sources close to the consultation have told PLANSPONSOR Europe the regulator will extend this to 120 days, as it is concerned 90 days is not long enough and will result in too many cases being handed to them, creating a strain on its auto-enrolment compliance resources. The regulator declined to comment on the extension but a spokesman said there is a forthcoming consultation "reviewing the framework for maintaining contributions to identify the most efficient and effective approach to achieving good member outcomes".
The watchdog has been at odds with the insurance industry for months about whether providers should check their clients' payroll data to ensure the sums they pay into schemes are correct, in line with the legislation.
As the rules stand, insurers believe they can accept the figures sponsors tell them, and simply have to ensure those payments are made on time.
The regulator will put its proposals to public consultation next week, including an extension to the ammount of time sponsors have to make up missed payments.
Regardless of whether the rules on ensuring accuracy change, providers will have to take steps to recover unpaid cash before handing cases to the regulator.
As things stand, they can give 19 days before they contact the sponsor, and a further 90 days, during which they have to engage with their client about the issue, before handing it to the regulator.
But sources close to the consultation have told PLANSPONSOR Europe the regulator will extend this to 120 days, as it is concerned 90 days is not long enough and will result in too many cases being handed to them, creating a strain on its auto-enrolment compliance resources.
The regulator declined to comment on the extension but a spokesman said there is a forthcoming consultation "reviewing the framework for maintaining contributions to identify the most efficient and effective approach to achieving good member outcomes".
PLANSPONSOREurope Staff editors@plansponsoreurope.com