The Pensions Dashboards
(Amendment) Regulations 2023
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Pensions Dashboards Regulations 2022
(S.I. 2022/1220) (“the
2022 Regulations”).
The 2022 Regulations make provision for 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.
Chapter 1 of Part 3 of the 2022 Regulations imposes requirements
on trustees or managers of relevant occupational pension schemes
to cooperate with the Money and Pensions Service. The Money and
Pensions Service is the single financial guidance body
established by section 1 of the Financial Guidance and Claims
Act 2018 (c. 10).
Regulation 15 (connection according to the staging profile) of
the 2022 Regulations introduced Schedule 2 (staging profile)
which sets out the order and date by which different types of
relevant occupational pension schemes were required to establish
a working connection with the Money and Pensions Service. These
Regulations amend the 2022 Regulations, to replace the staging
profile, staging deadlines and connection window, by introducing
a single “connection deadline” of 31st October 2026.
Regulation 3 amends regulation 14 (cooperation - trustees or
managers) by removing the reference to the staging profile.
Regulation 4 amends regulation 15 (connection according to the
staging profile) by replacing the staging profile and staging
deadlines (as set out in Schedule 2 to the 2022 Regulations) with
a single “connection deadline” for all relevant occupational
pension schemes. The connection deadline is defined in Schedule 1
(interpretation). Regulation 4 also removes the “connection
window”, which is no longer required. References in Chapter 1 to
the connection window and to changes in the classification of a
scheme according to the staging profile are therefore omitted.
Regulation 15(2)(d) of the 2022 Regulations is amended to allow
the Secretary of State to issue guidance in relation to
connection either separately or jointly with the Money and
Pensions Service or the Pensions Regulator, who may also issue
guidance jointly.
Regulation 5 amends regulation 16 (early or voluntary connection)
by revoking the process of trustees or managers applying for
early connection, as there is no longer a connection window;
references to early connection in Chapter 1 are therefore
omitted.
Regulation 6 amends regulation 17 (deferred connection) by
extending the period for trustees or managers to make an
application to the Secretary of State to defer the connection
deadline. The amended period is the period within 12 months of
the coming into force of these Regulations, to reflect the
introduction of the single connection deadline, and the evidence
requirements are updated to reflect the amended period.
Regulation 7 amends regulation 18 (connection where the staging
profile does not apply) by amending the dates that are relevant
for the purpose of establishing when a scheme, which meets the
criteria for connecting to the Money and Pensions Service after
the reference date, must connect. The reference date is defined
in Schedule 1 (interpretation).
Regulations 8 and 9 amend regulations 19 (connection where the
Pensions Dashboards Regulations 2022 cease to apply and then
apply again) and 20 (connection affected by an assessment
period), respectively, to reflect the introduction of a single
connection deadline.
Regulation 10 makes amendments to Schedule 1 (interpretation) by
including a definition of connection deadline, amending the
definition of reference date (so the scheme year end date falls
between 1st April 2023 and 31st March 2024, inclusive of both
these dates), and removing the definition of staging profile and
staging deadline. It also removes definitions which were only
used in and in connection with the staging profile in Schedule 2.
Regulation 11 omits Schedule 2 (staging profile).
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.
