Pensions Weekly Update – 30 October 2024

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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.

Pensions Minister, Emma Reynolds, has issued a statement confirming that the Pensions Dashboard Provider has been directed to focus on the connection and launch of the MoneyHelper dashboard service (provided by the Money and Pensions Service), before the connection of commercial dashboards. She also confirmed the government's commitment to the timetabled connection dates set out in guidance issued by the Department for Work and Pensions (DWP) earlier this year, and the overall connection deadline of 31 October 2026.
The Pensions Regulator (TPR) has issued a digital, data and technology strategy. It will be “embracing new ways of working and technology, driving efficiency, automation and innovation.” TPR is setting up a working group and would like interested industry professionals to engage with it.
TPR has issued a press release with links to new pension scam videos, featuring a nurse who fell victim to fraudsters. TPR asks trustees and administrators for help in ensuring that the video reaches scheme members. The press release also links to a new case report, telling the story behind the investigation of the same large-scale fraud.
The annual report and accounts for the year ended 31 March 2024, of the Pensions Ombudsman (TPO) and the Pension Protection Fund Ombudsman have been published. Disputes relating to pension contributions heads the list of the ten most common complaints that were closed during the year.
The Pension Protection Fund (PPF) has published its annual report and accounts for the year ended 31 March 2024. The PPF had assets under management of £32.1 billion and 197,140 pensioner members as of 31 March 2024. Kate Jones, Chair of the PPF, notes that discussions continue with the DWP in relation to options for facilitating a levy set at zero when appropriate. The chief executive’s review also confirms a continued commitment to acting as a public consolidator if that proposal progresses.
HM Revenue and Customs (HMRC) has published pension schemes newsletter 163. This includes a summary of the legislation that has been laid before Parliament amending errors identified in the legislation that abolished the lifetime allowance. The amending legislation will come into force on 18 November 2024 and will have retrospective effect back to 6 April 2024. The newsletter also confirms that from April 2025, pension scheme returns will be issued via the new managing pension schemes service and will need to be submitted to HMRC on the new service. Trustees that have not yet migrated their pension schemes over from HMRC’s pension schemes online service should take action now to do this. If you need further information about this, please ask your usual firm contact.
The Local Government Pension Scheme (LGPS) Advisory Board (SAB) has published a counsel's opinion, which it commissioned in response to allegations that certain administering authorities are acting unlawfully by holding, and failing to divest from, investments in companies that have been linked to actions by Israel in relation to Palestine. Specifically, counsel was asked for an opinion on the allegation that funds might face future criminal action by the International Court of Justice, or have liability in domestic law under the Terrorism Act 2000 or the International Criminal Court Act 2001, as a result of holding such investments. Counsel’s conclusion was that any suggestion that this might be the case is incorrect based on existing facts in the public domain. The opinion is limited to the question of whether any specific criminal liability attaches to the holding of investments, and not whether it is appropriate for funds to choose to divest.
Our Labour and Employment team is hosting a webinar on 14 November 2024, on the key legal and practical issues to be aware of when handling underperformance in the workplace.