SAB response to the The Public Services Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 - submitted 6 January 2023.

The Public Services Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2023 (HTML)

On 25 November 2022, HMRC published a technical consultation on a draft statutory instrument, which ensures the pensions tax framework will apply as intended to pension scheme administrators and members affected by the public service pensions remedy.

The consultation seeks views from pension scheme administrators on the draft regulations. The regulations set out changes to how the pensions tax rules will apply to pension scheme administrators and members of public service pension schemes as a result of the public service pensions remedy.

The regulations will make changes to how pensions tax legislation operates in certain circumstances, including changes to how schemes will need to report and pay extra tax charges or reclaim overpaid tax and ensure that schemes can pay pension benefits as authorised payments. This legislation is intended to take effect from 6 April 2023, but some provisions will have a retrospective effect.

25 November 2022

6 January 2023 

Dashboard compliance and enforcement policy (HTML)

On 24 November 2022, the Pensions Regulator (TPR) published its consultation on their draft dashboards compliance and enforcement policy.

The draft compliance and enforcement policy sets out expectations for trustees and scheme managers to achieve compliance, as well as providing clarity on our approach to enforcement in the event of a breach of legislation.

This consultation is for the trustees and scheme managers of occupational pension schemes in scope of the Dashboards Regulations, as well as their advisers, service providers, relevant employers and anyone who may be subject to our policy.

24 November 2022

24 February 2023

Government response: Pensions dashboards: further consultation (HTML)

On 17 October 2022, the government published its consultation response to the Pensions dashboards further consultation.

The Pensions Dashboards regulations have been amended to provide that Secretary of State must issue a formal notice specifying the Dashboard Available Point (DAP) at least six months before it will occur. This is opposed to the 90 days which was proposed in the consultation. The proposals on the disclosure of information will proceed as planned.

PDP Design standards call for input (webpage)

Pensions Dashboards Programme (PDP) call for input on ideas for dashboard design standards.

The call for input will be followed by a six week consultation once responses have been reviewed.

Government response: Draft Pensions Dashboards Regulations 2022 (webpage)

On 15 July 2022, the government published its consultation response on the draft Pensions Dashboards Regulations 2022.

The government has provided a summary of the responses received to the consultation and an outline of the changes that have been made.

Pensions dashboards: Further consultation (webpage)

This consultation supplements the ‘Pensions dashboards: consultation on the draft Pensions Dashboards Regulations 2022’ which ran from 31 January 2022 to 13 March 2022.

The further consultation sets out two proposals. The first proposal provides clarity on the ‘Dashboard Available Point’ (DAP). The second proposal allows the Money and Pensions Service and the Pensions Regulator to share information about dashboards with each other.

The DAP is the point at which dashboards will be available to all members of the public. The consultation proposes that the DWP will decide on the DAP and then give pension schemes 90 days’ notice. It is hoped that this will give schemes sufficient time to make final preparations

28 June 2022

19 July 2022

Consultation response on the draft Pensions Dashboards Regulations (PDF, 18 pages, 474kb)

Joint SAB England and Wales response to Pensions dashboards: DWP consultation on the draft Pensions Dashboards Regulations 2022 - submitted 11 March 2022.

Home Office response to consultation on amendments to the firefighters' pension schemes in England 2022 (PDF, 37 pages, 509kb)

On 8 March 2022, the Home Office published their consultation response on prospective remedy. 

The consultation response confirms the amendments which are to be made to the pension scheme regulations which will deliver the first set of changes and remove the transitional protections from the FPS 2015.

An FAQ document (PDF, 6 pages, 206kb) was also issued. 

Pensions dashboards: DWP consultation on the draft Pensions Dashboards Regulations 2022 (webpage)

This consultation introduces pensions dashboards, an electronic communications service intended to be used by individuals to access information about pensions.

The purpose of this consultation is to seek views on a range of policy questions relating to the creation of pensions dashboards. An indicative draft of the Regulations is included to show how DWP envisage the policy would be turned into law.

31 January 2022

13 March 2022

Consultation response on amendments to the FPS 2015 (PDF, 17 pages, 332kb)

SAB response to the Home Office consultation on amendments to the firefighters' pension schemes in England 2022 - submitted 2 January 2022.

Amendments to the firefighters’ pension schemes in England 2022 (webpage)

This Home Office consultation on the Firefighters’ Pension Scheme seeks responses from interested parties on the amendments to the regulations needed to enact the first phase of the remedy, as set out in the Public Service Pensions and Judicial Offices Bill. The intention is that these come into force on 1 April 2022

8 November 2021

2 January 2022

Public service pensions: cost control mechanism consultation response (PDF, 54 pages, 930kb)

HMT response published on 4 October 2021. 

Having considered the responses, the government will proceed with all three reforms. This approach will mean that.

• The cost control mechanism will adopt a reformed scheme only design: to remove any allowance for legacy schemes in the mechanism so it only considers past and future service in the reformed schemes
• The cost corridor will be widened: from +/-2% to +/-3% of pensionable pay
• An economic check will be introduced: linked to expected long-term GDP so that a breach of the mechanism (and therefore benefit changes) would only be implemented if it would still have occurred had long-term economic assumptions been considered.

TPR interim response on code of practice consultation (webpage)

The Pensions Regulator (TPR) published an interim response to its consultation on the proposed single code of practice on 24 August 2021. 

TPR is reviewing the detailed feedback received and the new code is unlikely to become effective before summer 2022.

Consultation response on the cost control mechanism (PDF, 7 pages, 202kb) 

SAB response to the HMT consultation on proposals to reform the cost control mechanism - submitted 19 August 2021.

Consultation response on the SCAPE discount rate (PDF, 7 pages, 203kb) 

SAB response to the HMT consultation on the SCAPE discount rate methodology - submitted 19 August 2021.

Consultation response to PDP call for input on dashboard staging (PDF, 9 pages, 248kb) 

SAB response to the Pensions Dashboards Programme's call for input on proposals for staging - submitted 9 July 2021.

HMT Public Service Pensions: Consultation on the discount rate methodology (PDF, 359kb, 35 pages)

Written Ministerial Statement HCWS117 24 June 2021 (HTML)

The SCAPE discount rate is a discount rate used in the valuation of unfunded public service pension schemes to set employer contribution rates. It expresses future pension promises that are being built up in present-day terms and is set by HM Treasury following a prescribed methodology.

The current methodology for setting the SCAPE discount rate has been in place since 2011. This consultation seeks views on the objectives for the SCAPE discount rate and the most appropriate methodology for setting the SCAPE discount rate going forward.

24 June 2021

19 August 2021

HMT Public Service Pensions: Cost control mechanism consultation: Proposal to reform the mechanism (PDF, 471KB, 40 pages)

Written Ministerial Statement HCWS117 24 June 2021 (HTML)

At the request of HM Treasury, the Government Actuary has carried out a review of the cost control mechanism in the public service pension schemes. His final report sets out his assessment of the current mechanism and recommendations on possible changes.

The Government has considered the recommendations and is now consulting to seek views on three changes to the mechanism, all of which are recommendations by the Government Actuary.

24 June 2021

19 August 2021

PDP call for input on dashboard staging (webpage)

The Pensions Dashboard Programme (PDP) has launched a call for input outlining the proposed order and timings for pension providers and schemes (data providers) to connect to the pensions dashboard.

27 May 2021

9 July 2021

TPR code of practice consultation (webpage)

The Pensions Regulator is consulting on the first phase of a new code consisting of 51 shorter, topic-based modules which replace 10 of the existing codes of practice and mainly deal with the governance and administration of pension schemes.

The new code has been designed to be a web-based product. An early version of the web-based code is available during the consultation. Views are also sought on the design, usability, and navigation of this version of the code.

17 March 2021

26 May 2021

Public Service Pensions: Government response to consultation (PDF, 72 pages, 838kb)

Public Service Pensions leaflet (PDF, 3 pages, 120kb)

Public Service Pensions: Equality Impact Assessment (PDF, 53 pages, 555kb)

Update on the 2016 and 2020 valuations (HTML)

HMT response published 4 February 2021 on changes to the transitional arrangements of the 2015 Public Service Pension Schemes and an update on the 2016 and 2020 scheme valuations.