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TPR in talks with providers over auto-enrol contribution portal

The Pensions Regulator director Charles Counsell

The Pensions Regulator is set to enter talks with the pensions industry about developing an online portal to monitor automatic enrolment contributions.

Last week, TPR published a consultation which proposes forcing providers to check the way employers calculate member contributions to make sure they are receiving the right amount of pension.

The proposals were met with concern from providers, who say they will be forced to undertake costly system changes as a result.

Speaking to Money Marketing, TPR executive director for employer compliance Charles Counsell (pictured) says the regulator wants to work with the industry to develop an electronic portal which would collect information from schemes and employers on late contribution payments.

He says: “We have had discussions with a number of providers about the communications that flow between schemes and employers. We are out talking to the industry about how we might put in place a sensible electronic portal with them to cope with volume as auto-enrolment rolls out.

“The regulator would put the reporting portal in place and pay for it. What we are trying to understand is how the industry collects information on late payment reporting so they can easily transfer it across to us without any expensive system changes.”

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