PASA is delighted to see today’s release of The Pensions Regulator’s pensions dashboards compliance and enforcement policy. We recognise the principles underlying the policy demonstrate a sensible and pragmatic approach to protecting pensions savers, while understanding the new challenges dashboards bring to schemes and their administrators.
Clarity on TPR’s approach in this space delivers a key step forward in schemes, supported by their advisers, being able to prioritise and ultimately meet their dashboards duties. Using clear examples of non-compliance, how this is managed by schemes and reported to and actioned by TPR, the policy crystallises some of the significant challenges facing our industry in delivery of dashboards.
The non-compliance examples include areas already covered by PASA guidance, such as matching, values data and connection readiness. Now TPR’s position is clear we can extend our Guidance further in areas such as the treatment of AVCs.
This is another key milestone in preparation for what will soon become the single largest channel shift in connecting people with their retirement savings in the history of UK pensions.
