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

Pensions Dashboards Regulations 2022 approved by Parliament

The draft Pensions Dashboards Regulations 2022 were approved by Parliament on 16 November 2022, and are expected to come into force before the end of the year. The regulations set out, among other things, trustees’ and managers’ obligations in respect of pensions dashboards.

Schemes have to connect to the dashboard “ecosystem” in stages, with the two first dashboard cohorts (large DC master trusts and large DC schemes used for automatic enrolment) having to connect by 31 August and 30 September 2023 respectively. See our Alert on the draft regulations for more detail.

Autumn Statement 2022 – key pensions-related developments

The Chancellor set out his Autumn Statement 2022 on 17 November 2022. Whilst there were no significant announcements regarding pensions, there were a few relevant developments:

state pensions will be uprated by inflation in April 2023, in line with the “commitment” to the triple lock
the DWP will publish the results of its review of the State Pension Age in early 2023. This review is required by legislation, so was already expected
HMT published its response to the Solvency II reforms consultation. Among other things, this confirms plans to cut the risk margin requirements for long-term life insurance and looks to slash “red tape lingering from the EU, which imposes unnecessary burdens on firms”, perceived as restricting innovation in the UK’s “vibrant market”.

ICO updates guidance on international data transfers

On 17 November 2022, the ICO published a blog on its updated guidance on international data transfers, including a new section on “transfer risk assessments” (“TRA”).

One way to comply with the UK data protection legislation when transferring personal data outside the UK is to put in place one of the “appropriate safeguards” set out in the legislation. If you are relying on one of these safeguards, such as using the ICO’s International Data Transfer Agreement, you must carry out a TRA. The updated guidance clarifies the two approaches that the ICO is happy for organisations to use when carrying out a TRA, including an alternative approach, using a TRA tool, to the one put forward by the European Data Protection Board.

TPO publishes factsheet on its Determinations

TPO published its latest factsheet on “Determinations by the Ombudsman” on 14 November 2022, setting out information about how to comply with any directions in a Determination, how to appeal a Determination, and where to go for further information and help. The factsheet is clearly written and will help anyone going through the Determinations process, particularly if TPO does not rule in their favour.