The Pensions Regulator has updated it compliance and enforcement policy in relation the pensions dashboard.
It is urging trustees to “act now” to ensure schemes remain fully compliant with these new rules, and warning penalties will be imposed on schemes failing to address this issue.
This updated guidance sets out how the regulator expects trustees and scheme managers to comply with dashboard duties, while also setting out the action that will be taken on schemes that fail to do this. TPR said its approach remains “risk-based and proportionate” but it said there will be clear penalties for non-compliant schemes.
Publishing a blog on this updated guidance, TPR’s interim executive director of strategy, policy and analysis, Nina Blackett says that with connection dates approaching, schemes need to take steps now so they are ready with the right data for launch.
She confirmed TPR will be engaging with “hundreds of schemes” this Autumn, asking them to account for how they are measuring and improving their data. TPR said many are getting ready to connect in the right way, but there are still some scheme not measuring their data or taking steps to improve this.
She says: “If schemes prepare properly then we are less likely to use enforcement action to ensure they do the right thing. Act now, so we don’t have to.”
Broadstone pension dashboard delivery manager Jon Pocock says: “Today’s update from TPR is a clear indicator that it expects pension scheme trustees and managers to be proactive as they prepare for the implementation of pensions dashboards.
“Rather than wait for enforcement action, TPR has urged schemes to make data improvements to help connect to the infrastructure. The Pensions Dashboards programme was always going to require a collaborative cross-sector approach, and we believe it is fair that schemes take these steps to support the financial wellbeing of their members.”