Pensions: what's new this week - 25 March 2024

TPR action and commentary on value for money

DC schemes with less than £100 million in assets are required to carry out a more detailed assessment of value for members than larger schemes and the Pensions Regulator (TPR) has launched an exercise to confirm that in-scope schemes are complying with this requirement. Schemes that do not offer good value must set out a plan to improve, or wind up. The press release notes that a penalty for non-compliance has been issued against a corporate trustee, with further fines to be issued shortly.

Separately, TPR’s latest blog post highlights the forthcoming wider DC value for money framework and suggests that increasing disclosure, for example of performance data, should be ‘seen as an opportunity rather than a burden’. TPR also reminds trustees that they should have the right skills, governance structure and access to expertise to consider all asset classes.

Read the press release.

Read the blog post.

Pensions dashboards: latest update

As part of its ongoing engagement with the industry, the Pensions Dashboards Programme has published responses to recent queries, including who is responsible for making data on additional voluntary contributions available to members, and the timeframe for providing value data in response to a find request.

Read the blog post.

Next edition

The next edition of What’s New This Week will be published on 8 April.