Published: 24 November 2022
Closing date: 24 February 2023
Consultation on a draft dashboards compliance and enforcement policy.
Response
Update: 8 June 2023
We recently consulted on the draft compliance and enforcement policy for the Pensions Dashboards Regulations. We have received 49 responses to this consultation with a broad representation across industry. We are grateful to everyone who took the time to respond to our consultation.
The government have laid the Pensions Dashboards (Amendment) Regulations 2023 and we are currently considering what, if any, changes need to be made to this draft policy. We will provide an update as soon as we can.
Summary
Pensions dashboards are digital services – apps, websites or other tools – which savers will be able to use to see their pension information in one place.
The Pensions Dashboards Regulations 2022 introduced new duties on certain trustees and scheme managers to enable dashboards to function and new powers for us to regulate these duties. The legislation also includes new powers for us to pursue third parties where we are of the opinion that they have caused the scheme to be in breach of the Dashboards Regulations.
The draft compliance and enforcement policy sets out expectations for trustees and scheme managers to achieve compliance, as well as providing clarity on our approach to enforcement in the event of a breach of legislation.
This consultation is for the trustees and scheme managers of occupational pension schemes in scope of the Dashboards Regulations, as well as their advisers, service providers, relevant employers and anyone who may be subject to our policy.
We welcome comments on any aspect of the draft content of the policy and have provided specific questions on certain areas of interest. Thank you in advance for your time and consideration.