Dashboards regulations

The Department for Work and Pensions (DWP) has begun a consultation exercise on draft legislation on pensions dashboards. The Regulations, if passed, would set out the obligations of occupational pension scheme trustees and dashboard providers. They contain details of the DWP’s proposals for a staged introduction of the obligation to connect with, and provide information to, the dashboards system, beginning in the summer of 2023 with the largest schemes (those with at least 20,000 active and deferred members). To assist those who will respond to the consultation, the Pensions Dashboards Programme has published guidance about various standards that it will produce, and with which compliance will be mandatory.

Flat-fee charge-cap restriction

Regulations have been laid before Parliament that prohibit the application of a flat-fee charge to a member’s rights in defined contribution (DC) default arrangements if it would reduce their value below £100. They will also require that trustees take action to restore the value of a member’s rights if more than one flat fee is imposed during a single charges year. The changes come into force on 6 April 2022.

CDC Code of Practice published for consultation

The Pensions Regulator has published a consultation-draft Code of Practice on ‘authorisation and supervision of collective defined contribution schemes’.

HMRC newsletters: January 2022

Pension Schemes Newsletter 136 from Her Majesty’s Revenue and Customs (HMRC) contains information about:

• relief at source (including extensions to some temporary changes to processes);
• normal minimum pension age (NMPA);
• maintaining QROPS status;
• pensions flexibility statistics;
• the Managing Pension Schemes service; and
• scheme pays reporting.