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Greater prominence at trustee meetings. Accurate and more frequent record-keeping reporting to evidence that work is being carried out properly. Expectation that contributions are invested within three working days of receipt and completion of a reconciliation Consultation on the potential introduction of mandatory or recommended maximum timescale for completing DC transfer values. Requirement that the Chair’s statement provides evidence on how the scheme represents good value for members. Encouraging trustees to establish whether their administrator has been accredited, and that this should be subject to review on a more frequent basis. Cook continued: “This new code is good news for administration, providing the groundwork for lots of positive development in the future. It is particularly gratifying that not only is TPR’s approach within its guides perfectly aligned with our own approach in that it focuses on outcomes, specifically member outcomes, but also that PASA accreditation has been given as a specific example of independent accreditation. This clearly demonstrates how important the PASA accreditation has become and that “good administration is the bedrock of a well-run plan.”
PASAs full response to the guide can be found here
The draft Code is expected to replace the existing DC Code from mid-2016.
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Creating a pensions dashboard 17 June 2016
A white paper has been published which reports on the progress of the project ‘creating a pensions dashboard’ which is set to be available to consumers by 2019.
The white paper looks at progress so far and discusses the key challenges that have been identified, explores some solutions and provides recommendations for the next phase of the project.
Background
In 2015 a discovery project (OIX, 2015) with participants from industry, consumer bodies and government was undertaken to address the problem of ‘lost pension pots’.
Previous modelling commissioned by the Department for Work and Pensions (DWP) in 2010 shows that on average, individuals will work for 11 employers during their working life, meaning that going forward many individuals will acquire multiple pension pots. That earlier project tested the hypothesis that “consumers will take action and make informed choices when they are provided with information and data about their pension savings.” The findings demonstrated that matching people with their defined-contribution pension pots and presenting the results in a dashboard were important to consumers and could lead to changed behaviour when engaging with pensions.
Out of this work was born the next phase of the project or the ‘Alpha Phase’ as it has become known.
Alpha Phase
The Alpha Phase officially started in February 2016 with 14 organisations representing the views of consumers, the financial services industry and the government. This phase concentrated on aggregating a comprehensive picture of people’s accumulated pension savings including defined-benefit pensions and defined-contribution pensions alongside the State Pension. The core project focused on the following areas: consumer journeys; consumer research; architecture and data standards; and policy and governance.
The Pensions Dashboard Model
One of foundation blocks of the project was creating a definition for a Pensions Dashboard. The Pensions Dashboard is a free-to-consumer online resource that enables people to find and check their pension savings. The resource comprises three core components:
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