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’s pensions dashboards compliance and enforcement policy
• Call for evidence published as part of Government’s pensions review
• MaPS launches Pension Wise Digital
• Pension Attention campaign launched for 2024
• Trustee training: pensions for new trustees

TPR’s pensions dashboards compliance and enforcement policy

TPR published its final dashboards compliance and enforcement policy on 5 September 2024, setting out how it expects trustees to comply with their dashboards duties and the enforcement action TPR can take in the event of breaches. A response to its 2022 consultation on the policy was also published. TPR expects to “focus strongly on connection compliance”, including schemes not connecting by the statutory connection deadline of 31 October 2026, and trustees not being able to demonstrate they have had regard to the DWP’s guidance on connection.

TPR expects schemes to keep clear audit trails of the steps taken to comply with their duties, including monitoring progress and success, keeping a record of compliance and keeping a record of actions taken to resolve any issues, such as communications with third parties. Trustees are also expected to keep records of their matching policy and the steps taken to improve their data. TPR explains that these records will help give it a “rounded and transparent view” of trustees’ efforts to comply with legislation.

In an accompanying blog, TPR asks that trustees:

• read the DWP’s connection guidance
• plan to connect in a “staged and orderly manner” in line with the guidance, and
• manage resource accordingly, including establishing robust controls and contractual agreements when selecting and managing service providers.

Given the additional clarity on TPR’s compliance and enforcement position, PASA expects to issue further guidance on dashboards, including in areas such as the treatment of AVCs.

The PDP has also published updated draft technical standards, which data and dashboard providers will use to interface with the dashboards architecture and/or each other. The standards will be finalised once approved by the Secretary of State for Work and Pensions.

Call for evidence published as part of Government’s pensions review

On 4 September 2024, the Government published a call for evidence inviting input to inform the first phase of its pensions review which aims to “boost investment, increase pension pots and tackle waste in the pensions system”. The call for evidence asks a range of questions relating to scale and consolidation, costs vs value and investing in the UK. It closes on 25 September 2024.

MaPS launches Pension Wise Digital

On 9 September 2024, MaPS announced the launch of “Pension Wise Digital” to expand the existing Pension Wise service. This service will provide “the equivalent guidance of a telephone or face-to-face appointment, but through a new digital interface”, and can be accessed at any time by anyone over 50 with a DC pension. MaPS will continue to offer telephone and face-to-face appointments.

Pension Attention campaign launched for 2024

The third annual Pension Attention campaign was launched by the PLSA and the ABI on 6 September 2024. The campaign aims to encourage individuals to engage with their pensions, find lost pension pots and check how much they will need in retirement. The campaign website includes various resources for individuals, including links to webinars and information about tracing pensions.

Trustee training: pensions for new trustees

Our next full day trustee training session will be held on 17 October 2024. It is a free and interactive, in-person seminar, where we focus on the key legal issues for trustees of DB, DC and hybrid schemes. The seminar is aimed at new trustees, as well as more experienced trustees who would like to refresh their knowledge. You will have the opportunity to ask questions and share your experiences with other trustees.

If you would like to attend this session, please get in touch with Alex Doyle (alex.doyle@sackers.com), who can provide further details.