TPR - Dashboards compliance and enforcement policy consultation
The Pensions Regulator have consulted on a package of measures that set out their expectations for trustees and scheme managers to achieve compliance, as well as providing clarity on their approach to enforcement in the event of a breach of legislation. This consultation stems from the Pensions Dashboards Regulations 2022 introducing new duties on certain trustees and scheme managers to enable dashboards to function and the subsequent transfer of new powers to TPR to regulate the duties. Also, the legislation included new powers for TPR to pursue third parties where they are of the opinion that they have caused the scheme to be in breach of the Dashboards Regulations.
The PLSA response highlights three areas of concern:
- The first area surrounds how the regulator intends to enforce compliance beyond the limited scenarios provided thus far.
- The second key point we have raised is on data matching at launch. TPR needs to take a pragmatic approach during the testing and launch stages and also, ideally, provide clarity over acceptable matching rates.
- Finally, schemes, and especially MTs, would benefit from knowing where the regulator plans to set the bar in terms of data quality, bearing in mind that certain data inaccuracies will remain beyond their control.