Statutory Instruments
Pensions
Made
5th December 2022
Laid before Parliament
7th December 2022
Coming into force
28th December 2022
The Secretary of State for Work and Pensions, in exercise of the powers conferred by section 86(2)(a)(i) of the Pensions Act 2004(1), makes the following Order.
In accordance with section 86(2) of that Act, the Secretary of State has consulted with the Pensions Regulator.
1.—(1) This Order may be cited as the Pensions Act 2004 (Disclosure of Restricted Information by the Pensions Regulator) (Amendment of Specified Persons) Order 2022.
(2) This Order extends to England and Wales and Scotland.
(3) It comes into force on 28th December 2022.
2. In Schedule 3 to the Pensions Act 2004 (restricted information held by the Regulator: certain permitted disclosure to facilitate exercise of functions), at the end of the table insert—
| “The Money and Pensions Service (2) | Functions under- (a) sections 238A to 238G, or (b) section 3(1)(a) of the Financial Guidance and Claims Act 2018 in relation to the dashboards ecosystem (as defined in Schedule 1 to the Pensions Dashboards Regulations 2022 (S.I. 2022/1220)) or a pensions dashboard service.” |
Signed by authority of the Secretary of State for Work and Pensions
Laura Trott
Parliamentary Under Secretary of State
Department for Work and Pensions
5th December 2022
(This note is not part of the Order)
Article 2 of this Order amends Schedule 3 to the Pensions Act 2004 to enable the Pensions Regulator to disclose restricted information to the Money and Pensions Service (“MaPS”) to facilitate the exercise by MaPS of certain functions. These are MaPS functions under: (a) sections 238A to 238G of the Pensions Act 2004, as inserted by the Pension Schemes Act 2021, in respect of which the Pensions Dashboard Regulations 2022/1220 have been made, and (b) the Financial Guidance and Claims Act 2018 in relation to the dashboard ecosystem and pensions dashboard services.
A pensions dashboard service is an electronic communications service intended to enable individuals (or other authorised persons) to request and view information relating to an individual’s pension entitlements electronically. The dashboards ecosystem is a term used and defined in the Pensions Dashboards Regulations 2022 for the interconnected system that enables pensions dashboard services to work in accordance with those Regulations.
The functions exercised by MaPS include setting standards on matters such as connection and security and the provision of the dashboards ecosystem including the connection and disconnection of pension schemes to it.
An impact assessment has not been prepared for this instrument as no impact on the costs of business or the voluntary sector is foreseen.
“The Money and Pensions Service” was established as “the single financial guidance body” under section 1(1) of the Financial Guidance and Claims Act 2018 (c. 10), and named The Money and Pensions Service by virtue of section 1(3) of that Act and regulation 2 of S.I. 2019/383.