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
- PLSA updates its pensions sharing on divorce guidance
- TPR publishes blog on building relationships with administrators
- Second annual “pay your pension some attention” campaign set to launch
On 18 September 2023, the PLSA published updated guidance on the recommended range of charges by occupational pension schemes for providing information in relation to, and implementing, pension sharing orders. The new guidance applies from 2 January 2024, and was informed by the results of a survey carried out by the PLSA earlier in the year.
In a blog published on 13 September 2023, TPR announced it is changing its regulatory approach to work more closely with administrators, noting that they have a “crucial role to play” alongside trustees. TPR’s Administrator Relationships function, a team dedicated to engaging directly with third party administrators, was established in January 2022. Following a pilot programme, TPR is now working with third party administrators on a voluntary basis, focusing on issues such as systems and processes, data quality, and pensions dashboard readiness.
TPR hopes the work will help them to understand how trustees interact with administrators, promote best practice (or identify areas where guidance would support standards) and learn more about the “core challenges and issues” that administrators face.
On 20 September 2023, the PLSA and ABI will launch the second year of their “Pension Attention” campaign. The campaign aims to improve pension awareness and engagement among “hard to reach” 30 to 55 year olds. Its website directs individuals towards resources including MoneyHelper’s pension calculator and the DWP’s retirement planning tool. The PLSA found that 19% of the target audience recalled seeing last year’s campaign, and of those, 91% took action with their pension.