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
- Pensions dashboards developments
- WPC publishes correspondence with the Pensions Minister on TPR’s oversight of LDI issues
- TPO publishes leaflet on pension complaints
The Pensions Dashboards (Prohibition of Indemnification) Act 2023 received Royal Assent on 2 May 2023. The Act is intended to prohibit trustees and managers from being reimbursed out of scheme assets in respect of penalties imposed under pensions dashboards regulations, in line with the position for other areas of pensions legislation. It is not yet clear when the operative parts of the Act will be brought into force.
The PDP has updated its FAQs on the pensions dashboards connection deadlines and revised timeline. Among other updates, the changes reflect that the DWP is expected to provide an update to Parliament before its summer recess begins on 20 July 2023. Schemes are encouraged to continue their dashboards preparations in the meantime.
As part of its inquiry into DB pensions with LDI, the WPC has published a letter dated 20 April 2023 from Laura Trott, the Pensions Minister. Laura Trott comments that the Government is:
- considering whether financial stability should be something that TPR “should have regard to”, following recommendations put forward by the Bank of England’s Financial Policy Committee in March, and
- working with TPR to ensure that TPR is “better able to gather relevant information in a timely fashion in order to mitigate risks”. The DWP is considering the data that TPR needs and how best to obtain it. The letter acknowledges that the notifiable events regime is one way of doing this, but the DWP wants to “evaluate all options before deciding on the best course of action”.
TPO has published a leaflet, dated 27 April 2023, detailing when members should raise a complaint with TPO or the FOS. The leaflet summarises the types of complaints that TPO and the FOS deal with, and the different approaches they may take to considering a complaint. The leaflet is clearly written and should help members understand which Ombudsman to contact in the event of a dispute.