Pensions Weekly Update – 2 November 2022

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Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes, which you might have missed, with links for further information.

The Pensions Dashboards Programme (PDP) has issued its sixth progress report. With the first compulsory connection window opening on 1 April 2023, PDP will focus in the coming months on industry readiness, refining standards and working with early participants on connection and testing. PDP will outline its progress in a webinar at 11 a.m. on 3 November 2022.
The Pensions Regulator (TPR) has published a report on the findings of its 2021 annual survey of defined benefit (DB) trust-based pension schemes. The survey indicated that a small minority of DB schemes (3%) are open to both new members and future accrual. A further 22% were open to future accrual but closed to new entrants. The survey covered trustees' approaches and perceptions in relation to various pensions hot topics, including climate change, dashboards, the new single code of practice and superfunds. An area where perhaps more work/awareness is required is in the area of the new single code of practice. Only half of trustees surveyed were aware that TPR was introducing a new single code of practice, but this varied widely by scheme size (37% of micro/small, 49% of medium and 78% of large schemes).
In last week's update, we flagged that the Rt Hon Mel Stride had been appointed as the new Secretary of State for Work and Pensions. While we are still waiting to find out who will be the next pensions minister, we note that Laura Trott has been answering a lot of pensions questions in Parliament this week. Guy Opperman is back at the Department for Work and Pensions as Minister of State. We are sure that his experience as the longest-serving pensions minister in recent history will provide welcome expertise to the department.
Did you see our Halloween treat? Beth Darragh’s recital of Ode to the Code (in anticipation of TPR’s single code) is not to be missed.

If you would like specific advice on any of these issues, or on anything else, please contact a member of our Pensions team.