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
On 2 March 2023, DWP published a ministerial statement explaining that more time is needed to deliver the “complex technical solution” which will enable pension providers and schemes to connect to the dashboard architecture.
The DWP confirmed that the framework for dashboards remains “fit for purpose” but it will legislate “at the earliest opportunity” to amend timings, with PDP confirming that schemes’ connection deadlines need to be revised. Laura Trott, the pensions minister, will provide a further update before Parliament’s summer recess.
TPR will update its dashboard guidance “shortly” to reflect the DWP’s announcement and to provide clarity on how schemes should be preparing for dashboards. In the meantime, schemes and their administrators should continue with their current preparatory work.
- abolishing the lower earnings limit for contributions, so contributions are paid in respect of the first pound earned, and
- reducing the age for being automatically enrolled from 22 to 18.
The expectation is that the provisions in this Bill will not result in any immediate change but will give the Secretary of State powers to amend the age limit and lower earnings limit for AE. There will be a statutory requirement to consult before using these powers.