`The Chartered Institute of Payroll Professionals
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Emailed: 27 July 2022
The Department for Work and Pensions (DWP) has confirmed, in a consultation response, that the original pensions staging timetable was ‘ambitious’. As a result, it has opted to defer the deadlines for a period of two months for the first two staging cohorts. The connection window for the first cohort has also been expanded to five months. It is hoped the connection can begin from 1 April 2023. Master trusts with 20,000 or more relevant members will be impacted, along with money purchase schemes used for automatic enrolment with 20,000 or above members. The staging deadlines will move to 31 August 2023 and 30 September 2023 respectively. Public sector pension schemes will see their staging deadline extended to 30 September 2024. The longer timescale is to allow time for schemes to implement the McCloud remedy.
Pensions minister, Guy Opperman, commented:
“The building and initial testing of the digital architecture by the Pensions Dashboards Programme is already well underway. Trustees or managers of pension schemes of all types and sizes should therefore focus their preparations on making sure their data is ready and they have plans in place for how they intend to connect to the digital architecture.”
The government response to the Draft Pensions Dashboard Regulations 2022 can be found here.
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Pensions Dashboards legislation laid before parliament Published: 18 October 2022 Emailed: 19 October 2022
Overshadowed by news of the Growth Plan revisions, a major step towards Pensions Dashboards was taken yesterday (17 October 2022).
Regulations that will establish how pension schemes will connect to the dashboard ecosystem were laid before parliament. This will allow millions of savers to access information on their pensions and plan for retirement.
The Department for Work and Pensions (DWP) also announced that the Dashboard Availability Point (DAP) will be announced 6 months in advance. This will give the industry time to prepare before the public go live date.
With this year marking the 10 th year of automatic enrolment, it is hoped that Pensions Dashboards will also have a successful roll out and shape the industry for the future.
You can read the full consultation response from the DWP, which was released alongside the announcement.
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TPR seeks views on dashboards compliance and enforcement Published: 24 November 2022 Emailed: 30 November 2022
Pensions dashboards are fast approaching, with the first schemes’ due to go live in August 2023. In preparation for this, The Pensions Regulator (TPR) is asking for feedback on its compliance and enforcement policy.
The consultation , which closes on 24 February 2023, sets out scenarios on how TPR’s approach may be put into practice. TPR invites any and all comments on the scenarios and draft policy but has also provided some specific question to probe into areas of interest.
New legislation has been passed which will enable TPR to issue third parties with compliance notices, for which non- compliance could be fined up to £50,000 for each breach.
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