Pensions Weekly Update – 27 November 2024 | Publications | Insights & Events

Authors:

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 Dashboards Programme (PDP) has issued an update to the reporting standards and does not expect to make further changes before seeking approval from the secretary of state for work and pensions. A two phased approach to reporting is being adopted – from April 2025, data will not need to be automatically supplied to PDP and regulators, but records will need to be kept and supplied if requested. The second phase will begin when large-scale dashboards user testing takes place, at which time routine data reporting will be required. PDP will engage with industry ahead of the second phase to provide adequate lead-in time. However, note that during Phase 1, regulators will still have access to data directly from the central digital architecture and connection service, as well as the MoneyHelper dashboard. Minor updates have also been made to data standards and the code of connection.
The Pensions Regulator (TPR) has published its final-form fast-track submission tests and conditions, which a scheme must satisfy to meet the fast-track parameters for schemes submitting a valuation to TPR with an effective date on and after 22 September 2024 through the fast-track submission route. To assist trustees, advisers and employers with the new requirements, TPR is running a webinar on 3 December to share an overview of the new defined benefit (DB) funding framework, and the Society of Pension Professionals has published a paper in respect of covenant perspectives on the DB funding code.
TPR will be issuing scheme return notices for DB and hybrid schemes from the beginning of February 2025, which must be completed in Exchange by midnight on 31 March 2025. Changes to the information being collected include:

A change to the “Record Keeping” section, to bring it more in line with TPR’s expectations and the general code of practice. The section will be renamed “Scheme Member Data Quality”.
The “Investment Services” section will include additional questions relating to the objectives that have been set for an appointed investment consultancy provider. Trustees will be asked whether they have reviewed the provider’s performance against the objectives and whether the objectives have been reviewed.

Our Restructuring & Insolvency team has issued a one minute roundup of the latest restructuring news.
Our Labour & Employment team have published a relatively informal guide to the new employer’s duty to prevent sexual harassment at work.
Join us for a webinar on 4 December, where our panel of experts from our US, EU and UK public policy teams will delve into the potential global business impacts of a Republican administration taking the reins in the US in 2025.