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

EDPB publishes opinions on draft UK adequacy decisions

On 13 April 2021, the European Data Protection Board (“EDPB”) adopted two opinions on the European Commission’s (“EC”) draft Implementing Decisions (see 7 Days) on the adequate protection of personal data in the UK.

The first opinion assesses the adequacy decisions in terms of general data protection aspects (under the GDPR) , and the second analyses the decisions in relation to personal data related to law enforcement.

The opinions set out recommendations and “challenges” for the EC to address.

UK businesses and public authorities currently remain able to receive data from the EU under the adequacy bridge agreed in the EU-UK Trade and Co-operation Agreement (see 7 Days).

PDP issues Invitation to Tender for pensions dashboard digital architecture

On 13 April 2021, the Pensions Dashboards Programme (“PDP”) issued an Invitation to Tender for a supplier to provide the “digital architecture” that will allow individuals to view their pensions via their chosen dashboard.

Chris Curry, Principal of the PDP at MAPS, said, “The procurement and onboarding of this technical delivery partner is a key moment in our journey. It will enable us to provide our industry partners with more detailed information as we work towards the delivery of pensions dashboards over the coming months.”

TPR blogs on its new powers

On 19 April 2021, TPR published a new blog post, “Time for some perspective on our criminal offences powers”, written by David Fairs.

The post examines TPR’s new powers under the Pension Schemes Act 2021 (see our Alert).

It promises that, while it “won’t hesitate to use [its] powers to protect savers through enforcement when it is the right thing to do”, it does not intend to “overstretch the intent and purpose behind the powers [and] will always take an appropriate and proportionate approach”.

The blog encourages readers to respond to its recent consultation on the policy (see 7 Days), which closes on 22 April 2021.

Aiming to allay industry concerns, it notes that “the intent is not to achieve a fundamental change in commercial norms or accepted standards of corporate behaviour in the UK… the [exercise of the] power requires intent, an act and the absence of a “reasonable excuse”. Together, those represent a high bar.” The powers “should not worry those who are doing the right thing and properly thinking through the actions and decisions they take. They should, however, cause a deal of anxiety for those who intentionally want to avoid liabilities or put pension savings at risk”. Importantly, it states that TPR “won’t be targeting acts pre-dating the offences coming into force”.