Pensions Regulator - Pragmatic and proportionate as new code on 'material detriment' moves forward

Pragmatic and proportionate remain the Pensions Regulator's key principles in its approach to amended anti-avoidance powers - as detailed today in our response to consultation on the draft 'material detriment' test code of practice.

We received 29 formal responses to our eight week consultation. Responses were generally supportive of the new code. Says Pensions Regulator chief executive, Tony Hobman: "In response to feedback, we have made changes to ensure the code is clear and that it interacts well with other rules and regulations. We're not expecting any undue impact upon routine business and we thank respondents for the feedback."

The new code sets out where the regulator expects to issue contribution notices on the basis of the 'material detriment test' and it is unlikely to affect the majority of sponsoring employers.

To view the press release: http://www.thepensionsregulator.gov.uk/mediaCentre/pressReleases/pn09-05.aspx

To view the consultation report: http://www.thepensionsregulator.gov.uk/pdf/COP12MaterialDetrimentConReport.pdf

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The Pensions Regulator
amediarelations@thepensionsregulator.gov.uk

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