The Pensions Regulator is preparing to intervene in workplace schemes should chaos ensue after A-day.
If schemes are unable to cope with pensions simplification legislation and end up being poorly administered then the regulator could step in.
Alistair Elliott, a member of the strategy formulation team at The Pensions Regulator said: “The vital objective in relation to simplification is to promote and improve understanding of the good administration of pension schemes. We are particularly interested in making sure that simplification is implemented smoothly next year.”
He added: “It’s vital that people don’t underestimate the challenge. Everybody should be working on it already. If they are not they are going to be under a very tight timescale to get everything ready.”
Employers and trustees also need to consider what changes they want to make to a scheme, make sure employees are up to date with these changes, and ensure that the actual systems are appropriate.
Employer trustees could take advantage of an e-learning programme that the regulator is currently trialing, which will start in January next year.