Alistair McQueen, head of savings and retirement at Aviva, welcomed TPR's quick decision making.
He said: “It is positive that the system of automatic enrolment is being supported, for the good of savers and their employers. It is important that the short term and longer term needs of all concerned are considered at this time.”
Steve Webb, partner at LCP said, action by the TPR could mean that more businesses are able to keep afloat during these difficult times.
He said: “If businesses are trying to keep afloat, and potentially getting government help to avoid sacking people, it seems a proportionate response for the regulator to say that it won't be chasing late paid pension auto-enrolment contributions in the short-term.
“As with all aspects of the current crisis, the long-term implications will be manageable if things are over quickly but will present lasting challenges if the crisis is prolonged.”
amy.austin@ft.com and maria.espadinha@ft.com
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