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

ICO invites comments on how it uses its powers to investigate, regulate and enforce

On 20 December 2021, the ICO published its consultation and accompanying press release on the following draft documents:

Taken together, these three documents set out how the ICO aims to carry out its mission to “uphold information rights for the UK public in the digital age”.

The ICO is inviting comments about how it exercises its regulatory responsibilities and statutory powers from individuals and organisations, with the consultation closing on 24 March 2022.  Final publication of the documents is expected by the end of 2022.

TPR publishes blog on diversity

On 21 December 2021, TPR published its blog on “Why trustee board meetings should be more uncomfortable”, reflecting on the progress the pensions industry has made in relation to equality, diversity and inclusion, and highlighting areas where TPR thinks progress can be made.  TPR notes the risk of “group think” in trustee boards with a lack of diversity and emphasises that having a diverse trustee board can lead to more debate and challenge which, in turn, will lead to better decisions being made.

The blog also provides an update on the work the Industry Working Group, set up by TPR to tackle barriers to diversity and inclusion across the industry, has been doing over recent months.

House of Commons library publishes briefing paper on “Sidecar Savings”

On 21 December 2021, the House of Commons library published a briefing paper exploring sidecar savings, a new policy idea to encourage saving for retirement. A sidecar account is an instant access savings account that is tied to a pension.  NEST Insight (a research arm of NEST) and MaPS are running a trial of these accounts.