Pensions Weekly Update

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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.

The Pensions Regulator (TPR) has published a new three-year corporate plan. TPR says that TPR’s purpose is to protect pensions savers’ money, to enhance the pensions system and, in what feels to be a slight change of direction for TPR, to support innovation in savers’ interests. TPR says that its vision for the industry is one in which there are fewer, well-run schemes, delivering good outcomes – from joining a pension through to retirement. Key areas that are covered in the corporate plan including driving up defined contribution (DC) standards, ensuring good quality consolidation vehicles (including collective defined contribution), improving trustee standards through closer engagement with professional trustees, ensuring high quality of administration services, continuing the work on climate change reporting and ensuring compliance with the anticipated changes to automatic enrolment (for example, once the regime applies to younger workers).
The Pensions Dashboards Programme (PDP) has published an updated version of its data standards, which covers the data requirements for finding and viewing information on dashboards. PDP is currently in the process of refining the technical, reporting and design standards, as well as the code of connection. It is mandatory for trustees and pensions providers to follow dashboards standards.
The Pension Scams Industry Group (PSIG) has launched a consultation to consider its future. Margaret Snowdon OBE notes that the group is composed solely of volunteers. She says, “We have set the standard, so we now need to decide whether we’ve done enough, whether we continue our work, or in fact whether we need to develop it further.” Consultation closes on 31 July 2024.
New regulations build on the Economic Crime and Corporate Transparency Act 2023 and give Companies House the power to issue financial penalties of up to £10,000 for certain offences. The power is exercisable where the registrar determines beyond reasonable doubt that a person has engaged in conduct that would amount to an offence under the Companies Act 2006. It is likely that the registrar will issue a warning notice before imposing a financial penalty. The power came into force on 2 May 2024.
For those of you whose roles include people management, do not miss a series of webinars being run by our Labour & Employment team. Tomorrow’s webinar looks at key issues when taking disciplinary action, while the webinar being held on 13 June 2024 considers how to tackle grievances in the workplace.

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