The Chartered Institute of Payroll Professionals
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It is anticipated that the consultation will be launched in December 2021, to give time for draft regulations to be laid before parliament and debated at some point in 2022.
The Pensions Dashboards Programme recently released its progress update report for April 2021, which details the following:
Programme achievements Senior team changes The programme timeline
• • • • • •
Procurement of the digital architecture Identity service procurement Onboarding strategy development
• Consumer protection and liability model progress • Programme governance • Ecosystem design and governance • Developing user centred design and service standards • Research and insight • Communications
The report confirms that dashboards are expected to become live in 2023. It also confirms the list of activities that are expected to take place over the next six months and details the intended timings of key milestones within later programme phases. This will allow data providers to begin to prepare for connecting to dashboards. The Pensions Schemes Act 2021 included legislation required to ensure that pension providers make individuals’ data available to them through dashboards, and now the Government is required to set out secondary legislation, to include further information about how the dashboards’ infrastructure will operate, and what organisations will need to do to make individuals’ data available to them via dashboards.
There is also currently work underway with several organisations to develop the regulations, and there is an emphasis on data requirements, staged onboarding, the compliance regime, and consumer protection.
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Government consultation proposes two-page statements for Defined Contribution pensions 19 May 2021 Draft rules included in a consultation published by The Department for Work and Pensions (DWP) will mean that it is compulsory for providers to issue simpler statements in relation to certain Defined Contribution (DC) pension schemes used as part of auto-enrolment.
These new style pension statements will need to be limited so that they span no more than two pages, and will be required to detail:
• How much money a saver has in their pension plan, along with how much has been saved in the statement year • How much money a saver could potentially have upon retirement • How a saver could ensure that they have more money for their retirement
The new rules are due to be implemented from April 2022, and while the consultation currently only focuses on auto- enrolment, the Government intends to introduce simplicity across all schemes at some point in the future.
The Financial Times Adviser reported that Pensions Minister, Guy Opperman had said:
“It’s clear the status quo is not working, with savers left puzzled by the complex, sprawling, jargon-filled statements commonly used by the pensions industry.
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