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

New DB funding regime

The requirement for trustees to determine a funding and investment strategy came into force in April this year and applies to schemes whose actuarial valuation dates are effective on or after 22 September 2024.

In a press release published on 23 September 2024, TPR confirmed that schemes in scope of these requirements should refer to the new DB Funding Code, which sets out its guidance and expectations on how to comply with the new regime. The new code was laid before Parliament on 29 July 2024 and is expected to formally come into force and replace the existing DB code in late November.

TPR has also published supporting documents to assist trustees with meeting their obligations, including templates for the statement of strategy, along with an interim response to its March 2024 statement of strategy consultation.

TPR expects to launch a new digital service to submit scheme valuations and statements of strategy in spring 2025. Schemes with valuation dates before 22 September 2024, which are not yet caught by the new requirements, should continue to use the existing Exchange process to submit valuation information.

PDP update on dashboards standards

On 19 September 2024, the PDP published a blog giving a update on its progress with the pensions dashboards standards. Following publication of the updated code of connection and technical standards, the PDP aims to publish reporting standards “soon”. Updated design standards, which will set out requirements of the design of dashboards and how pensions data is presented, “will be published once they have also been tested”.

While all standards are subject to final approval by the Secretary of State for Work and Pensions, the PDP expects schemes and dashboards providers to use the updated draft versions to prepare for connection.

HMRC update on pensions tax regulations

HMRC’s Pension Schemes Newsletter 162 was published on 17 September 2024. It includes a short update on the LTA abolition, confirming that HMRC has considered the feedback to its short informal consultation on draft regulations to correct various aspects of the new tax legislation. The regulations will be introduced “as soon as parliamentary time allows”.

New TPO factsheet on investigating complaints

On 16 September 2024, TPO published a new factsheet explaining in a simple way how it investigates complaints. It is intended to give members information about what happens following an application to TPO.