At a glance...
Issues affecting all schemes
DASHBOARDS - REGULATIONS
Regulations receive parliamentary approval
DASHBOARDS - STANDARDS
Finalised standards and guidance
DASHBOARDS - ENFORCEMENT
Pensions Regulator consultation on compliance and enforcement policy
PENSION SCAMS
Warning of increased scam risk
EQUALITY, DIVERSITY AND INCLUSION
Pensions Regulator blog post
Issues affecting DB schemes
LIABILITY-DRIVEN INVESTMENT
Pensions Regulator statement on maintaining resilience
REVALUATION
Statutory final salary method percentages
Issues affecting all schemes
Pensions dashboards - regulations
The regulations setting out the detailed requirements for pension dashboards that occupational pension schemes and dashboard providers must comply with have received parliamentary approval and will come into force on 12 December 2022.
Action
Trustees and administrators should review the regulations and update their dashboards preparations as necessary.
Pensions dashboards - standards
The Pensions Dashboards Programme (PDP) has published the following finalised standards:
- Code of connection - this sets out how schemes and dashboard providers are to connect to the dashboards ecosystem and what they need to do to remain connected. It details the security, service and operational standards to which schemes and dashboard providers must adhere.
- Data standards - these set out the data formatting requirements that schemes must follow when returning pensions data.
- Technical standards - these are what schemes and dashboard providers will use to interface with the central technical architecture of the dashboard ecosystem and each other
- Reporting standards - these set out the data that schemes and dashboard providers must supply to the Pensions Regulator, the Financial Conduct Authority, the PDP (on behalf of the Money and Pensions Service) and the government
Schemes and dashboard providers must comply with these standards when meeting their obligations under the dashboards legislation. The standards will come into force once they receive ministerial approval.
The PDP has also published the following finalised guidance:
- Data usage guide - this describes how data is used, and when to send each section of data. It is designed to help schemes understand how to choose which data items held in their systems are required. An appendix provides worked examples of how schemes might fill out the data required in the view message.
- Early connection guidance - this sets out when schemes can apply to connect to the dashboard ecosystem earlier than their staging deadline and the process they need to follow. It is statutory guidance to which schemes must have regard if they wish to connect early.
- Approach to governance of standards - this sets out how the PDP has developed the standards, outlines their scope, and describes the process for making any future changes to them
Action
Trustees and administrators should review the standards and guidance and update their dashboards preparations as necessary.
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Originally published November 2022
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