Pensions: what's new this week - October 28, 2024

TPR publishes pensions scam case studies

The Pensions Regulator (TPR) and the Pension Scams Action Group have published new videos for trustees and members, highlighting the impact of pension fraud via a case study.

Alongside the videos TPR has published a regulatory intervention report into the investigation and conviction of the individuals responsible for the fraud highlighted in the video case study. The investigation of these individuals originated from a whistleblower report and TPR comments that trustees should consider making such reports if they have concerns.

Read the regulatory intervention report.

Watch the pension scam case study videos.

HMRC: latest pension schemes newsletter

HMRC’s latest Pension Schemes Newsletter (no. 163) highlights the changes made by the latest two sets of regulations relating to the abolition of the lifetime allowance. HMRC notes that some of the questions raised in consultation were not addressed in the regulations. It will provide more information on those issues in its next newsletter.

The newsletter also addresses other matters including payroll reporting for lump sums, noting that from April 2025, administrators should report authorised lumps sums where there is an excess over an individual’s lump sum allowance or lump sum and death benefit allowance, and that the method for such reporting will vary depending on the type of lump sum in question.

Read the latest pensions schemes newsletter.

TPR blog post on risk-based regulation

TPR has published a blog post setting out two new regulatory approaches. The first is engagement with professional trustee firms – highlighting significant growth in the appointment of professional trustees, TPR intends to establish relationships with the ten largest trustee firms to assist in understanding good practice and identifying risks.

Secondly, TPR has announced the launch of an innovation design team to allow new industry models and ideas to be tested at an early stage and receive guidance as to TPR’s likely approach.

Read the TPR blog post on risk-based regulation.

TPR publishes digital, data and technology strategy

TPR has published a ‘Digital, Data and Technology Strategy’ setting out how TPR and the pensions industry should adapt to, and embrace, changing technology and markets. One example of TPR’s strategic approach is the development of its first scheme-facing digital service for collecting and assessing scheme valuation data and statements of strategy. This is due to go live next year.

Read the Digital, Data and Technology Strategy document.