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

PASA gives update on forthcoming pensions dashboards guidance

On 13 May 2024, PASA’s Dashboards Working Group published an update on new content planned for the second quarter of 2024:

  • a toolkit aimed at helping administrators and supporting trustees in meeting their duties in relation to AVCs
  • a “test case matrix” to help schemes understand the breadth of testing needed and to plan their own testing.

PASA also expects to:

  • publish further guidance on matching data
  • focus on helping schemes with dashboards-related administration activities such as query handling and member communications
  • update existing guidance as dashboards developments continue.

This follows the PDP’s updated draft data standards published earlier this month, which the PDP summarises in a recent blog.

TPR’s overview of the occupational DC trust-based landscape 2023

On 16 May 2024, TPR published its annual overview of the UK’s occupational DC landscape based on data from scheme returns as at 31 December 2023.

Consolidation of DC schemes continued “at a similar rate to previous years”, with the number of non-micro DC and hybrid schemes decreasing by 11% over 2023 (despite the total number of DC scheme members increasing by 9%). This consolidation was “solely driven” by schemes with fewer than 5,000 members.

99% of DC scheme memberships are in schemes that have been used for automatic enrolment, with master trusts continuing to provide for the majority of memberships (84%).