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
- Ministerial appointments
- TPR finalises consolidated enforcement policy and updated prosecution policy
- PDP publishes progress update report
On 25 October 2022, Mel Stride replaced Chloe Smith as Secretary of State for Work and Pensions. On 27 October 2022, Guy Opperman and Tom Pursglove were appointed as Ministers of State in the DWP. While their roles and responsibilities have not been specified, it is clear that Alex Burghart is no longer the Minster for Pensions and Growth.
On 25 October 2022, responding to its May 2022 consultation, TPR published a consolidated enforcement policy and updated prosecution policy. The policies were updated to reflect the PSA21 and TPR’s experience from using its existing enforcement powers, and are largely in the form consulted on. Revised versions of the case team and determinations panel procedures have also been issued, setting out the steps TPR will follow when considering using its “reserved” powers. Alongside the revised policies, TPR published an enforcement strategy setting out the aims of TPR’s enforcement work (except in relation to automatic enrolment).
A blog discussing these changes was published on the same date, noting that TPR’s enforcement work is “constantly evolving” as TPR “take[s] on more cases and test[s] new powers”.
On 28 October 2022, the PDP published its sixth progress update report covering April to October 2022, and areas of focus to April 2023. Upcoming developments include:
- a response to the consultation on standards and updated draft standards (see Alert), expected in the winter. The draft standards will be subject to the approval of the Secretary of State for Work and Pensions
- a consultation by the PDP on design standards, also expected in the winter, alongside the FCA’s consultation on rules for Qualifying Pensions Dashboards Services. The PDP expects to review feedback from its consultation and publish an updated version of the design standards in 2023
- an update from the PDP on consumer protection to “clearly explain the extent of the obligations of pension providers and schemes, and dashboards providers”
- in early 2023, the PDP will provide a range of materials to support schemes and providers with the connection process, including webinars and a “connection hub” on its website.