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
- TPR calls on trustees to help shape the VFM framework
- TPR publishes its annual perception research
- Government consults on changes to the data protection fee regime
TPR calls on trustees to help shape the VFM framework
In a blog published on 29 August 2024, TPR has repeated its plea to trustees to respond to the FCA’s consultation on detailed rules for the new VFM framework. While the FCA is consulting on rules that will apply to contract-based DC arrangements, the DWP has committed to introducing equivalent legislation for trust-based DC schemes in the Pension Schemes Bill.
The aim is to “enable effective competition between schemes and facilitate employer choice, reduce the number of savers with workplace pensions that deliver poor value, and drive better value across the whole workplace DC market”, and TPR wants to work with industry to help ensure the VFM framework achieves this.
Trust-based schemes of all sizes are encouraged to engage with the consultation and in particular to give views on how best to measure quality of services provided by DC schemes. Master trusts and large single-employer trusts are also encouraged to adopt the framework early and “learn what works and what doesn’t”, to help inform the new legislative regime.
The FCA’s consultation closes on 17 October 2024.
TPR publishes its annual perception research
TPR has published the results of its annual survey for 2023 exploring how effectively TPR is perceived to be performing by its regulated communities and their advisers. 69% of respondents rated TPR’s overall performance as “good” or “very good” which is similar to the previous two years.
A report summarising research into attitudes of key stakeholders was also published. This found that large pension schemes in particular regarded TPR “more favourably than ever”.
Government consults on changes to the data protection fee regime
On 29 August 2024, the Government published a consultation on proposals to amend the data protection fees that are payable by data controllers to the ICO. Currently, there are three tiers of fees payable based on an organisation’s number of staff and turnover. The standard fees range between £40 for the smallest organisations to £2,900 for large organisations. The Government proposes increased fees which would range between £55 and £3,979, but maintaining the current tiered structure and existing exemptions. Its aims include safeguarding an “adequate and stable level of funding for the ICO”.
The consultation closes on 26 September 2024.
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