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

• Dashboards developments
• Virgin Media update
• TPO reflects on its operating model review
• PSIG announces outcome of consultation

Dashboards developments

On 17 December 2024, the PDP gave an update on its recent “town hall” event. The main message was that PDP is on course for connection with wider industry in 2025, and schemes need to keep going with their preparations.

PDP also confirmed that two volunteer participants had completed integration testing, with eight having started their connection journeys. Wider industry connection will start as planned from April 2025, however, not all volunteer participants may have completed connection by then. PDP reassured schemes that TPR and the FCA wouldn’t take action against an organisation unable to connect because they depend on a volunteer participant that may not have completed the process.

TPR updated its dashboards guidance on the same day, bringing it in line with recent developments and to “address industry feedback”, with more detail on the registration process, technical connection and connecting where a scheme has multiple sections (or separate AVC providers).

Virgin Media update

The ACA, APL and SPP issued updates to their members on 17 December 2024, regarding the Virgin Media case. Representatives from all three bodies  have been in “regular communication” with the DWP regarding the issues arising from the case. The DWP understands the “adverse impact on industry of this ruling and has been examining what form any intervention could take”, including whether regulations should be made to retrospectively validate any amendments held to be void in light of the case. The three organisations hope that a further update can be provided in early 2025.

TPO reflects on its operating model review

On 18 December 2024, Dominic Harris reflected on TPO’s progress over 2024. TPO now requires all complainants to try resolving their complaint through their scheme’s IDRP before coming to TPO, which has already shown “promising results” in reducing “unnecessary escalations”. Schemes should check their website and templates to make sure they are “pointing members in the right direction at the right time”, using wording in TPO’s factsheet.

TPO also launched its expedited decision-making process, issuing expedited decisions and determinations on cases that have a clear outcome. These shorter-form determinations aren’t generally published, but TPO has shared an example of a recent case to illustrate the process. It will also publish a periodic summary of the types of cases resolved using expedited decision-making in the future.

Finally, TPO is using its “lead case” approach “more than ever”. When there is an industry-wide issue, or a scheme-specific issue affecting multiple members, TPO will select a representative “lead case” to accelerate. This allows TPO to set out its position “clearly and quickly” in a comprehensive determination, which in turn supports the timely resolution of other complaints. If a scheme has an issue affecting multiple members, they should let TPO know at an early stage, to help explore whether a lead case approach is appropriate.

PSIG announces outcome of consultation

On 20 December 2024, PSIG announced the feedback from its recent consultation on the future of the organisation. Feedback showed that PSIG’s Code of Good Practice is widely used and highly valued. The industry supports its “continued efforts and focus on scams” and is keen for PSIG to adopt a “more dynamic approach”. Key suggestions include more active lobbying of government and regulators, and the creation of a more interactive information hub. Additionally, many respondents expressed interest in more services, such as training, webinars and accreditation schemes.

PSIG plans to publish an updated version of the Code of Good Practice in 2025, and will continue to contribute to the Pension Scams Action Group and to offer its Pension Scams Industry Forum. It will come back to the industry with a proposal on the way forward in due course.