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News On Line
The 'Deadline' campaign has been launched because research shows most trustees have yet to prepare for their dashboards deadline. TPR has published new guidance following consultations held by the Department of Work and Pensions (DWP). Research which will be published soon shows that 51% of Defined Contribution (DC) schemes and 33% of Defined Benefit (DB) schemes still hold non-electronical member and only 4% of DC schemes and 9%of DB schemes have started digitising their records in preparation for the pensions dashboards. David Fairs, TPR’s director of regulatory policy, analysis and advice commented: “Schemes should be taking action now - their connection deadline is coming. Pensions dashboards are a hugely innovative tool that will enable savers to see their pensions in one place. It is a crucial step forward in helping savers to get to know their pensions, make good decisions and plan for the retirement they want. In line with our corporate strategy, we embrace innovation and we are committed to making dashboards work so that savers have a complete and accurate picture of their savings. We know this is a significant undertaking for industry and so we will be rolling out a comprehensive programme of support in the months ahead.”
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Draft pensions dashboard regulations: government consultation response Published: 14 July 2022 Emailed: 20 July 2022
Pensions dashboards are coming, and a press release stresses the importance for those in charge of pension schemes to “get data ready” by minister for pensions, Guy Opperman.
Guy Opperman agreed to return as minister to assist the Department for Work and Pensions (DWP) with the various initiatives currently being run. He said:
“For many people, a pension i s the most significant financial investment they will make in their life. That is why the introduction of pensions dashboards is so important.
“Clear pensions information at the touch of a button, including on the State Pension, will ensure savers are bet ter informed and more engaged, while helping people to plan effectively for retirement, as well as to find lost and forgotten pension pots.
“The building and initial testing of the digital dashboards architecture is already well underway. My message to th e trustees and managers of pension schemes of all types and sizes is simple: get data ready.”
The government’s consultation response into the draft regulations dives into the responses and evidence submitted. Some key take-aways are:
• The government remains committed to supporting the rollout of pensions dashboards. • A further consultation has been launched to address o the Dashboards Available Point (DAP) o how to support the disclosure of information to the Money and Pensions Service (MaPS) and The Pensions Regulator (TPR) • The charge cap on schemes will continue to apply, further details on the costs of schemes participating in the dashboards will be published in the impact assessment when the regulations are laid before parliament • Dashboard functionality will be reviewed for future iterations, the initial dashboards will have a simple ‘find and view” process until trust in the platform is built • Date of birth will be included as a data item to allow dashboards to display retirement dates • National insurance numbers will not be required to allow as many people as possible to make use of the systems, however, providing it may assist in the matching process • Most respondents agree that the compliance measures proposed are “appropriate and proportionate”
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Delay to first pensions dashboard staging dates Published: 25 July 2022
cipp.org.uk
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