Enhanced criminal and civil sanctions for defined benefit (DB) scheme negligence have become law after the Pension Schemes Act 2021 gained its place on the statute book.
In the last of a five-part series of articles for PP, pensions minister Guy Opperman explains how pension dashboards will help consolidate pensions.
Schemes and their administrators have rightly received much praise for ensuring that pensions have continued to be paid in full and on time during an unprecedented period of disruption.
While the dashboard timeline needs to be flexible enough to help the least well-prepared schemes get ready, Nigel Peaple says schemes are being constructive and solution-focused.
The government’s focus on pensions dashboards and pension transfer times will require the industry to improve its data accuracy and administrative efficiency, says Anthony Rafferty.
Getting data ready and providing estimated retirement incomes may be difficult, but the industry must do its best to make dashboards a reality, says Nigel Peaple
The Pensions Dashboards Programme (PDP) has launched a formal call for input, seeking industry views on data standards for the initial dashboards.
The Money and Pensions Service (Maps) has started a six-week period of informal market engagement with potential suppliers of the digital architecture for the pensions dashboards.
The dashboard is reliant on all schemes having data readily available, but this is not yet the case for many DB schemes. Paul McGlone says this is a challenge the industry must work to overcome