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
- Laura Trott confirmed as Minister for Pensions
- FCA publishes pensions dashboard rules
- TPR publishes blog marking 10 years of automatic enrolment (“AE”)
- Secretary of State for Work and Pensions v Beattie and others (Employment Appeal Tribunal) – 27 October 2022
Laura Trott, who was appointed as Parliamentary Under Secretary of State at the DWP on 27 October 2022, has been confirmed as the Minister for Pensions.
On 1 November 2022, the FCA published a response to its consultation on pensions dashboards rules for FCA-regulated pension providers, along with a copy of the final rules. The rules will require FCA-regulated pension providers to connect to the pensions dashboard digital architecture and be ready to receive find requests, search records for data matches, and return pension information.
Firms will need to comply by 31 August 2023, or 31 October 2024 if a transitional provision applies. The transitional provision can be used by providers which rely on a third-party integrated service provider to connect, and which have fewer than 5,000 member pots in accumulation. Providers intending to use this transitional provision must notify the FCA by 30 April 2023.
On 4 November 2022, TPR published a blog on the impact AE has had on pension saving to date and what we can expect from TPR in this area in the future. TPR continues to monitor employers and take enforcement action where necessary, in line with its risk-based approach. While TPR has found that employers remain committed to AE, common errors relate to calculating pension contributions, communications to staff, and re-enrolment responsibilities. TPR also supports “helping savers get to know their pensions”, including the introduction of an “engagement season” and the launch of pensions dashboards.
Secretary of State for Work and Pensions v Beattie and others (Employment Appeal Tribunal) – 27 October 2022
The EAT has given its judgment in an appeal from the ET concerning the exemption from age discrimination requirements which applies to pensionable service before 1 December 2006 (“the 2006 limitation”). This is the latest development in a line of claims relating to PPF compensation caps.
The EAT agreed with the reasoning behind the ET’s finding that the 2006 limitation was inconsistent with general principles of EU law. However, the European Union (Withdrawal) Act 2018 means that the 2006 limitation could be disapplied only in relation to claims brought before 31 December 2020 (“IP completion day”), a finding which curbs the wider impact of the case.
Of the multiple claimants, only two had brought their claims before IP completion day, and therefore were able to rely on the relevant principle of EU law to continue their claim. The other claimants were not able to do so. See our case summary for more details.