At a glance...

Issues affecting all schemes

  • PENSIONS DASHBOARDS

Consultation on the detailed requirements for dashboards

  • AUTOMATIC ENROLMENT

Private member's bill making changes to the automatic enrolment regime

PENSION SCAMS

Regulator warning on trustee reporting of scams

COVID-19

Extension of temporary HMRC relief at source easements

COLLECTIVE DC SCHEMES

Consultation on Regulator code of practice

DECISION-MAKING

Ombudsman determination on the weight to attach to evidence

Issues affecting DB schemes

INTERPRETATION OF SCHEME RULES

High Court decision on interpretation of a revaluation rule

Issues affecting DC schemes

  • "STRONGER NUDGE"

Requirement for trustees to ensure members take pensions guidance

  • FLAT FEES

FLAT FEES

Issues affecting all schemes

Pensions dashboards – trustee obligations

The government is consulting on the detailed requirements for pensions dashboards, including:

  • The staging timetable for connection to the dashboard ecosystem – this will be based on scheme size and type and will run from June 2023 to September 2024.
  • The requirements that trustees will need to meet – these will include registering with the Money and Pensions Service (MAPS), connecting to the dashboard ecosystem by their staging date, complying with standards issued by MAPS, having regard to guidance issued by MAPS and the Pensions Regulator, and keeping associated records.
  • The process for matching data requests with member records – among other things, schemes will be required to decide on criteria to use for matching.
  • The data to be provided by schemes once a match has been made – this will include data such as the scheme name, the nature of the member's benefits, details of how to contact the scheme administrator and the scheme's website address, as well as accrued and projected pension values. Schemes will only be required to provide data to active and deferred members.

Schemes will also be required to complete a number of pre-connection steps which will be set out in standards to be published by MAPS.

The consultation closes on 13 March.

Action

Trustees and administrators should keep the progress of the consultation under review.

Automatic enrolment – proposed changes

A private member's bill has been laid before Parliament which makes changes to the automatic enrolment regime. In particular, it:

  • Extends the automatic enrolment regime to all jobholders aged 18 and over.
  • Removes the lower automatic enrolment qualifying earnings threshold.

Relatively few private member's bills are enacted.

Action

Employers and trustees of schemes that are being used for automatic enrolment should keep the bill's progress through Parliament under review.

Pension scams – Regulator warning

The Pensions Regulator has warned that too few trustees are reporting suspected pension scams and is calling on all administrators, trustees and providers to take responsibility for protecting savers and join the Regulator's Pledge to Combat Pension Scams.

Action

Trustees and administrators should ensure that they report any suspected pension scams to the appropriate authorities. They should also consider whether they wish to join the Pledge to Combat Pension Scams if they have not already done so.

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Originally Published January 2022

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