7 days


7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

PASA publishes DC Governance Watch on transfers

On 9 February 2023, PASA published its latest issue of DC Governance Watch, which looks at how to comply with the transfer regulations while at the same time “continuing to deliver an effective service to members”. The publication highlights the difficulties trustees can face when making decisions in relation to pension transfers, and encourages trustees to think carefully about using discretionary transfers where a statutory transfer is not available.

PDP publishes explainer videos on “myth busting pensions dashboards”

On 13 February 2023, the PDP published two short videos addressing possible misconceptions about pensions dashboards. The videos explain that:

  • in addition to the MoneyHelper dashboard, which will be available for anyone to use, other organisations will be allowed to develop dashboards following appropriate FCA authorisation and regulation, and
  • dashboards will be free for individuals to use.

Further videos are expected “over the coming weeks”.

DWP and TPR agree a memorandum of understanding on prosecution of new criminal offences

The DWP and TPR signed a memorandum of understanding (“MoU”) on 7 February 2023, which provides a framework for co-operation and co-ordination between the DWP and TPR in relation to the prosecution of two criminal offences introduced by the PSA21: avoidance of employer debt, and conduct risking accrued scheme benefits (see our Alert for more details).

The MoU confirms that TPR would normally bring any prosecutions in respect of these offences. However, the DWP may prosecute, giving consideration to TPR’s relevant policies and/or guidance in force at the time, in the event that TPR ceases to exist, its ability to prosecute is “hindered”, or in “other exceptional circumstances”.