Partner organisation activity
The Department for Work and Pensions (DWP), with input from partners, continues to develop the legislation to enable delivery of dashboards. Its consultation on the draft pensions dashboards regulations closed on 13 March 2022. To support the consultation DWP led a series of themed webinars alongside delivery partners. The webinars were attended by almost 1500 stakeholders and provided an overview of the proposals as well as deep dives into specific areas of the regulations. The webinar recordings and Q&A from each of the sessions is available on the PDP website.
The Department aims to publish its response to the consultation this summer and lay affirmative regulations as soon as possible after this, when parliamentary time allows. DWP Digital are working with the programme to be one of the voluntary data providers to include State Pension data in the alpha integration testing window, planned for this year.
The Financial Conduct Authority (FCA) is currently reviewing the responses it received to its consultation on requirements for FCA regulated pensions providers (in respect of their personal and stakeholder pension schemes). The consultation closed in early April and the FCA aims to publish its policy statement and finalised Handbook rules alongside or shortly after Parliament approves the government’s corresponding regulations for trustees and managers of occupational pension schemes and pensions dashboard services.
DWP is continuing to develop the legislative requirements that pensions dashboard services will have to comply with to gain and maintain qualifying pensions dashboard service (QPDS) status. Separately, HM Treasury will make the necessary legislative change to require that any party that wishes to become a QPDS operator must obtain FCA authorisation and/or permission to do so. The FCA is currently developing the regulatory framework to apply to these QPDS operators and plans to consult on that framework later this year.
The Pensions Regulator (TPR) recognises that the schemes it regulates are at different stages of awareness and preparation for the new duties. To support them, TPR will be delivering a comprehensive package of communications, so they are clear on what they need to do and by when.
TPR is aiming to contact trustees and scheme managers at least 12 months ahead of their scheme’s proposed staging deadline, to help them to prepare sufficiently and on time, starting in May 2022. TPR continues to build its compliance function, working with PDP to ensure the programme has the right data to monitor compliance. TPR is also developing its compliance and enforcement policy for consultation.