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
- PDP releases updated draft code of connection
- HMRC continues to update the PTM following the LTA’s removal
PDP releases updated draft code of connection
On 21 August 2024, the PDP published an updated draft code of connection. This code is made up of security, service and operational standards, and sets out how pension providers, schemes and dashboards providers are to connect to the dashboards ecosystem and what they need to do to remain connected. The PDP originally consulted on draft standards, including a draft code of connection, in 2022. This updated code follows the PDP’s publication of updated data standards in May 2024. No timing is given for the publication of updated technical, reporting and design standards.
The code is draft until approved by the Secretary of State for Work and Pensions.
HMRC continues to update the PTM following the LTA’s removal
HMRC is continuing to regularly update its PTM pages to reflect the removal of the LTA from 6 April 2024. The latest updates include changes to guidance on transitional tax-free amount certificates and individual protection. The intention is to more accurately reflect the current legislation.
Further changes to the current legislation to address “technical inaccuracies” are expected in regulations due to be laid before Parliament “as soon as the parliamentary timetable permits” after the summer recess.