EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make provision in respect of pensions dashboard services, which are intended to enable individuals (or other authorised persons) to request and view information relating to an individual’s pension entitlements electronically.
Part 1 of the Regulations contains provisions of general relevance to the Regulations. Regulation 1 contains introductory provisions. Regulation 2 introduces Schedule 1 (interpretation), which sets out definitions of terms used in the Regulations.
Regulation 3 makes provision for the Regulations to apply to pension dashboard services or to the providers of such services (other than the pensions dashboard service provided by the Money and Pensions Service), and to the trustees or managers of relevant occupational pension schemes with 100 or more members who are not pensioners. It excludes from the scope of the Regulations schemes whose main administration is located outside Great Britain, and schemes which are not registrable (with the exception of public service pension schemes). It also specifies how Parts 3 and 4 of the Regulations apply to schemes which connect on a voluntary basis to the Money and Pensions Service. Regulation 4 makes provision for the Secretary of State to issue a notice to specify when qualifying pensions dashboard services will be available to the general public (the “dashboards available point”). Regulation 5 makes provision for oversight of standards referred to in the Regulations.
Part 2 of the Regulations prescribes the requirements to be met by pensions dashboard services, or by the providers of such services, in order for those services to be classified as qualifying pensions dashboard services within the meaning of section 238A(2) of the Pensions Act 2004. The requirements include references to standards published from time to time by the Money and Pensions Service and by the Secretary of State.
Part 3 of the Regulations imposes requirements on trustees or managers of relevant occupational pension schemes. The requirements cover cooperation (which is necessary for the overall system of pensions dashboard services to work) and connection to the Money and Pensions Service (Chapter 1), and (once schemes have connected) the provision of information to qualifying pensions dashboard services or to the pensions dashboard service provided by the Money and Pensions Service (Chapter 2). Within Part 3, regulation 15 introduces Schedule 2 (staging profile), which sets out the order and date by which different types of relevant occupational pension scheme are required to establish a working connection with the Money and Pensions Service. The requirements in Part 3 include references to standards published from time to time by the Money and Pensions Service, and to guidance issued from time to time by the Money and Pensions Service and by the Pensions Regulator.
Within Part 3, regulation 26 introduces Schedule 3 to the Regulations (value data). Part 1 of Schedule 3 makes provision for value data requirements to be met by trustees or managers or relevant occupational pension schemes, and Part 2 makes provision regarding exemptions from certain value data requirements.
Part 4 of the Regulations (compliance and enforcement) makes provision for compliance notices, third party compliance notices and penalty notices to be given where this is necessary to ensure that the rules in Part 3 are complied with.
Part 5 of the Regulations (disclosure of information) makes provision to enable the Money and Pensions Service to share information with the Pensions Regulator in connection with the functions of the Money and Pensions Service or of the Pensions Regulator under the Regulations, so that the Regulations can work effectively.
A full impact assessment of the effect that these Regulations will have on the costs of business, the voluntary sector and the public sector has been undertaken. A copy is annexed to the Explanatory Memorandum which is available alongside these Regulations on www.legislation.gov.uk. Copies may also be obtained from the Better Regulation Unit of the Department for Work and Pensions, Caxton House, Tothill Street, London, SW1H 9NA – caxtonhouse.legislation@dwp.gov.uk.