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
- PDP publishes update on the dashboards “reset”
- HMRC publishes newsletter on the tax aspects of the McCloud remedy
- Government to review TPO in autumn 2024
On 17 August 2023, the PDP published an update on the dashboards “reset”. It confirmed that “the reset has completed an assessment of the programme challenges” and found that there are “no major issues” with the central digital architecture that sits at the core of the dashboards ecosystem. The PDP is now “in planning” towards the new connection deadline of 31 October 2026.
Once the planning is complete, the PDP will progress the draft standards for dashboards, informed by “insight gathered from industry consultations”. Development of “supporting documentation and the support model for connection” is then expected to begin, and it will continue working with early participants on connection and testing.
On 18 August 2023, HMRC published a newsletter on changes being introduced by new tax regulations, which are due to come into force on 14 September 2023. The changes are only relevant for members of public service schemes affected by the McCloud remedy. The newsletter covers various technical points, including setting out detail of how affected individuals should report any potential annual allowance charge for 2022/23 and how to treat lump sums that are no longer lifetime allowance excess lump sums, where the remedy has reduced the lifetime allowance used up.
The Government has confirmed that TPO is to have its independent arm’s-length body review in 2024, as part of the Cabinet Office review programme and in accordance with the Partnership Code of Good Practice. The aim of the review is to provide a “robust challenge” on the governance, accountability, efficacy, and efficiency of TPO.
The Public Accounts Committee’s recent report into the pensions aspects of AEA Technology going into administration raised concerns about the routes of appeal available for people raising pension complaints. Following that report, the Government has agreed with the Committee’s recommendation that the TPO review should include a review of arrangements “to ensure all that all aspects of people’s interactions with their pensions have an adequate route of appeal”.