Department for Work and Pensions
Pensions Dashboard - DWP publishes statement - 2 March 2023
The Department for Work and Pensions (DWP) has published an update on the pensions dashboard. It notes that the Pensions Dashboard Programme needs more time to deliver the digital architecture which will underpin the pensions dashboards initiative and that it will not be ready to connect pension providers by the connection deadlines, the first of which falls on 31 August 2023. All schemes’ deadlines will now change following this announcement.
UK Parliament: Pensions Dashboard Update
FCA webpage
Financial Conduct Authority
British Steel Pension Scheme consumer redress scheme - FCA publishes webpage of resources for firms - 28 February 2023
The FCA has published a webpage signposting resources on the British Steel Pension Scheme (BSPS) consumer redress scheme, which was implemented on 28 February 2023 (the Scheme). This follows publication of the FCA’s Policy Statement PS22/14 on the Scheme, in November 2022.
The Consumer Redress sourcebook (CONRED) sets out the steps that firms need to take under the Scheme and the related deadlines. A flowchart is available in CONRED 4 Annex 18G. Firms are also subject to ongoing reporting requirements during the Scheme, outlined in CONRED 4.8.
The FCA is producing a redress calculator that firms will be required to use during the Scheme, which is expected to be available by mid-April 2023. Firms will also need to use the BSPS Defined Benefit Advice Assessment Tool (DBAAT) in their assessments, which consists of two parts: (i) the BSPS DBAAT template; and (ii) the BSPS DBAAT instructions.
Firms will be required to submit an initial report to the FCA detailing the consumers deemed in scope of the Scheme. The Scheme rules also require firms to complete an initial progress report covering the period up to 28 March 2023 and then further progress reports every two weeks.
FCA Webpage: British Steel Pension Scheme: Tools for firms
BSPS DBAAT instructions
