Pensions beginners' guides

This subtopic provides a series of beginners’ guides for trainees, newly qualified lawyers and other persons who are new to or unfamiliar with

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Latest Pensions News

Torsten Bell new Pensions Minister replacing Emma Reynolds

The Prime Minister's Office has announced several ministerial appointments approved by the King. Emma Reynolds MP has been appointed as Economic Secretary to the Treasury, while Torsten Bell MP has been jointly appointed as Parliamentary Secretary in HM Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions, replacing Emma Reynolds MP in this role. Additionally, it has been confirmed that Tulip Siddiq MP has left government.

No maladministration where member informed of AE opt-out process and suffered no loss (CAS-88359-S7J2)

Pensions analysis: In the determination of Mr Hyman (CAS-88359–S7J2), the Deputy Pensions Ombudsman has rejected a complaint about a scheme opt out where complainant claimed he was not adequately informed that he was being automatically enrolled into the scheme. The Deputy Pensions Ombudsman found that both the provider and the employer had complied with their automatic-enrolment duties and followed the correct procedure set out by automatic enrolment legislation. Contributions had been returned so the complainant had not suffered any financial loss. Martin Scott of gunnercooke LLP looks at the decision.

Transfer to pension liberation vehicle cannot be judged with benefit of hindsight (Mr R, CAS-63400-N0T9)

Pensions analysis: In the determination of Mr R, CAS-63400-N0T9, the Deputy Pensions Ombudsman has rejected a complaint about a pension transfer into a pensions liberation vehicle. Mr R complained to the Pensions Ombudsman about the transferring scheme’s lack of due diligence. The Deputy Pensions Ombudsman rejected the complaint, finding that the transferring scheme had carried out appropriate due diligence on the oversea’s receiving scheme in accordance with the prevailing guidance at the relevant time. Martin Scott of gunnercooke LLP looks at the decision.

PDP publishes blog on draft reporting standards and outlines next steps

The Pensions Dashboards Programme (PDP) has published a blog on the updated draft reporting standards for pension providers and schemes (published in November 2024). The blog highlights that from April 2025, providers will only be required to keep records, with routine data transmission to the Money and Pensions Service (MaPS) commencing at a later date. Operational monitoring has been removed. The blog also notes that the PDP November update also included minor amendments to the data standards and the code of connection and has updated the Find and View JSON schemas. As regards next steps, the PDP does not anticipate making significant changes to the reporting standards prior to seeking formal approval from the Secretary of State for Work and Pensions. The PDP aims to publish the final standards in the first quarter of 2025. However, minor corrections and clarifications may be made if necessary. The PDP will also supply comprehensive technical details on how providers and schemes will report data to MaPS, including open API specifications and JSON schemas.