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 publishes digital, data and technology strategy
• Schemes urged to do more to protect against scams
• Pensions Minister commits to the existing dashboards timetable
• HMRC issues Pension Schemes Newsletter 163
• PPF and TPO 2023/24 annual report and accounts

TPR publishes digital, data and technology strategy

On 22 October 2024, TPR published its data, digital and technology strategy setting out a new regulatory approach intended to be a “blueprint” for how TPR and the pensions industry should “adapt to, and embrace, changing technology and a changing pensions market to drive better saver outcomes”. As part of the strategy, TPR will:

• explore where it can join up with other agencies to which schemes currently provide information, to reduce unnecessary burden on schemes by “capturing data once and reusing it”
• in the next 12 months, introduce its first scheme-facing digital service for DB schemes, “Submit a Scheme Valuation”. This is intended to enable TPR to identify and tackle certain scheme risks more effectively
• enhance its data and technology capabilities so that scheme, saver and market data can be collected “at high volumes and more often”.

TPR intends to set up an industry working group to agree further detail, which will include a focus on data and the common standards needed.

Finally, three new board members have been appointed to TPR as part of wider changes to its structure:

• Nina Blackett, Executive Director of Strategy, Policy and Analysis
• Gaucho Rasmussen, Executive Director of Regulatory Compliance, and
• Neil Bull, Executive Director of Market Oversight.

Schemes urged to do more to protect against scams

As part of Scams Awareness Week, TPR has urged trustees and administrators to share a new video highlighting the risks of pension scams with their members, to help them identify and avoid scams.

A new regulatory intervention report also describes how TPR undertook regulatory, civil and criminal proceedings, including confiscation proceedings, in response to a group of fraudulent pension schemes.

Pensions Minister commits to the existing dashboards timetable

In a statement made on 22 October 2024, the Pensions Minister, Emma Reynolds, confirmed the Government is “committed” to the current connection timetable, with staging dates beginning in April 2025 and subject to an overall statutory connection deadline of 31 October 2026. While it is “too early to confirm a launch date for public use”, the Government intends to prioritise the launch of the MoneyHelper dashboard before facilitating the connection of commercial dashboards.

From a survey of its members made before the announcement, the PLSA found that 90% of schemes were confident they will meet their connection deadline for regulatory compliance. The PDP has also begun testing connection with volunteer participants, and is “working towards wider industry connection”.

HMRC issues Pension Schemes Newsletter 163

HMRC published its latest pension schemes newsletter on 24 October 2024, including a summary of the changes that will be made by the new pensions tax regulations expected to come into force on 18 November 2024 (with retrospective effect from 6 April 2024).

It also confirms that the tax charge that arises on an authorised surplus payment is based on the gross amount of the payment rather than the amount received by the employer. The PTM will be updated with examples to reflect this.

PPF and TPO 2023/24 annual report and accounts

On 24 October 2024, the PPF published its latest annual report and accounts to 31 March 2024. The PPF’s reserves have increased during the year to £13.2 billion due to “strong investment performance”. In a recent consultation on the 2025/26 levy rules, the PPF proposed maintaining its levy at £100 million as it continues to engage with the Government on legislative changes which would enable the levy to be reduced further.

On the same day, TPO and the PPF Ombudsman annual report and accounts were published. The number of complaints closed by TPO have decreased to 6,634 compared to 7,784 the previous year as a result of several factors, including a cyber incident and an increase in the number of complex cases that remain in its historical caseload. TPO’s review of its operating model aims to reduce waiting times in the future.