Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.
Correspondence between the Pensions Minister and the Chair of the Work and Pensions Committee has been published. Of particular note is an update on the draft regulations that would strengthen the notifiable events regime: "We are working with TPR [The Pensions Regulator] to ensure that it is better able to gather relevant information in a timely fashion in order to mitigate risks. In order to achieve that, we need to consider the data that it needs and the best way to obtain this. The notifiable events regime is one way in which TPR can gather information in certain circumstances, and we are interested in pursuing this option, but we want to evaluate all options before deciding on the best course of action, including any potential future legislative change. We will work closely with TPR to assess the options."
The Pensions Dashboards (Prohibition of Indemnification) Act 2023 received Royal Assent on 2 May 2023. This closes a loophole in legislation to ensure that pension trustees cannot be indemnified out of the assets of a pension fund in relation to fines or civil penalties for failure to comply with pensions dashboards information requirements.
In our weekly update of 22 March 2023, we noted that the Pensions Dashboards Programme (PDP) had published some frequently asked questions in relation to dashboards connection and revised timelines. The PDP has updated its frequently asked questions page. The PDP states that the Department for Work and Pensions will provide an update on dashboards and timings to Parliament before the summer recess, which is provisionally scheduled to begin on 20 July 2023. While revised timings are not yet available, PDP says that it is important for trustees to continue with their dashboards preparations.
If you would like specific advice on any of these issues or on anything else, please contact a member of our Pensions team.