2. A delay for Pensions Dashboards
The Bill sets out a structure for the provision of a “qualifying pensions dashboards service”, which is “an electronic communications service by means of which information about pensions may be requested by, and provided to, an individual or a person authorised by the individual”, and in relation to which prescribed requirements are satisfied. Most of the detail will be set out in regulations yet to be published.
On 28 October 2020, the Pensions Dashboards Programme published a timeline for the development of the dashboards. This provides, amongst other things, for the publication of the first data standards in December this year with dashboards becoming available to the public from 2023 (although there will be a call for volunteer schemes to connect to the service from 2022).
The receiving scheme or any other parties involved in the transfer did not have the required permissions from the FCA.
The member had been contacted via social media, email or cold calling, or was offered free pension reviews or early access to cash.
The member is being pressured to transfer quickly.
The receiving scheme is not registered with HMRC.
Both this “red flag” guidance, together with the recent announcement by the DWP of proposals to introduce a “stronger nudge” regime represent an escalation in the war against the pension scammers. The “stronger nudge” regime is part of a package of measures aimed at helping savers make better-informed decisions when it comes to accessing their pension savings, and to further protect them from scams. Schemes will have to revisit both their transfer process and the accompanying paperwork when the final provisions of the Bill become clear.