PPF Levy – proposals for 2025/26 : The Pension Protection Fund has proposed maintaining the 2025/26 levy at £100 million, in line with last year’s consultation feedback. This remains the lowest levy to date, equivalent to less than 0.007% of the PPF 7800 scheme assets as of 30 June 2024. Over 95% of schemes are expected to pay a lower levy in 2025/26. The PPF is also introducing simplifications, including making the simplest approach to certifying deficit reduction payments available to all schemes, and expanding the definition of certifiable contributions. Additionally, the PPF is in ongoing discussions with the Government about reducing the levy further.
Pension Dashboards – TPR urges Trustees to act: In a blog post on 5 September 2024. Nina Blackett, interim director of strategy, policy, and analysis at TPR, urged Trustees to keep up momentum on preparing for pension dashboards, and stressed that trustees should adhere to the newly published compliance and enforcement policy. The long-delayed project is designed to help savers locate an estimated £26 billion in around 2.8 million lost pots. Blackett emphasised that the compliance policy should be viewed as a guide rather than a punitive measure, aiming to ensure trustees are prepared in terms of record-keeping, data quality, and risk management.
Trustees are advised to improve member data quality and ensure an orderly connection to the new service. Non-compliance could result in fines up to £50,000. TPR will engage with schemes in autumn 2024 to monitor data improvements and enforce compliance where necessary.
Society of Pension Professionals – Practical guide to new funding regime: The Society of Pension Professionals has published a short practical guide to the new DB funding regime. The guide covers the background to the regime and looks at issues to consider for schemes with valuations both pre and post 22nd September 2024. The guide can be found here: SPP – DB Funding Code guide
Administrators – TPR to increase oversight: On 12 September 2024, the Pensions Regulator announced plans to increase engagement with administrators. Building on a 2023 initiative, it will invite 10 to 15 of the largest administrators to collaborate. The focus will be on financial sustainability, risk management, cyber resilience, and innovation, with the goal of improving practices across the wider pension administration market.Pension Wise – Digital appointments now on offer: The Money and Pensions Service (MaPS) has introduced “Pension Wise Digital,” a new digital appointment service to complement the existing Pension Wise telephone and face-to-face guidance. Pension Wise, aimed at individuals over 50 with defined contribution (DC) savings, provides essential guidance on accessing these savings. Trustees and pension providers are mandated by DWP regulations and FCA rules to refer individuals to Pension Wise and ensure they either receive or opt out of receiving this guidance. The new digital service offers 24/7 access, allowing users to save and return to their progress at their convenience. For more information, visit Pension Wise appointment options | MoneyHelper
