Pensions news in 2022
29 stories, newest first.
- December 2022
Pensions Dashboards Regulations 2022 come into force
The Pensions Dashboards Regulations 2022 came into force on 12 December 2022, setting the rules for pension schemes to connect to the dashboards ecosystem and for services that show savers their pensions in one place.
- November 2022
Retirement Living Standards 2022 update published, showing the largest annual increases since the RLS began
The Retirement Living Standards for 2022 show the largest annual increases since the measures began in 2019, with all three budgets rising by more than the 9% rate of CPI in the year to April 2022.
- October 2022
Government response to pensions dashboards further consultation published
The government has published its response to the second consultation on the draft Pensions Dashboards Regulations 2022, covering the Dashboards Available Point and data-sharing between MaPS and TPR.
Five steps to better pensions: time for a new consensus published
Research published on 12 October 2022 finds more than half of UK savers will miss the retirement income targets set by the 2005 Pensions Commission unless the pensions system is reformed.
PLSA publishes five-step pension reform proposals and opens consultation
The Pensions and Lifetime Savings Association has published five pension reform proposals, including raising automatic enrolment contributions from 8% to 12%, and opened a consultation on them.
- September 2022
Committee report calls for consensus on retirement adequacy and reforms to auto-enrolment
The Work and Pensions Committee has called for a consensus on retirement adequacy and legislation on the 2017 auto-enrolment review, with higher minimum contributions and action on self-employed saving.
Sharp increase in gilt yields prompted short-notice collateral calls on LDI investments
A sharp rise in gilt yields in late September and early October 2022 triggered short-notice collateral calls on liability driven investment holdings, new official figures show.
- August 2022
Pensions Policy Institute research for B&CE published on pension adequacy
Research published on 31 August 2022 for B&CE by the Pensions Policy Institute found that auto-enrolment combined with a reformed State Pension is not likely to give most people an adequate retirement income.
TPR launches three-year strategy to tackle pension scams
The Pensions Regulator has launched a three-year strategy against pension scams, saying the cost of living crisis could leave more savers exposed to fraudsters targeting pension pots.
- July 2022
Resolution Foundation publishes assessment of workers' pension saving against 'living pension' benchmarks
Resolution Foundation research published on 28 July 2022 finds over 80 per cent of workers outside defined benefit pensions are not meeting any of its living pension benchmarks.
Government response to draft Pensions Dashboards Regulations consultation published
The government has published its response to the consultation on the draft Pensions Dashboards Regulations 2022, setting out how the rules for the pensions dashboards service will be turned into law.
- June 2022
TUC urges shelving of State Pension age rise to 67
The TUC has told the government's second State Pension age review that the rise to 67 should be shelved, with the State Pension age frozen at 66 and future decisions handed to an independent commission.
Further consultation on Pensions Dashboards Regulations launched
The Department for Work and Pensions opened a second consultation on the draft Pensions Dashboards Regulations 2022 on 28 June 2022, covering the Dashboards Available Point and information sharing between MaPS and TPR.
Report says women need to work until 83 to close gender pension gap
A report by Now Pensions and the Pension Policy Institute says women reach retirement with £136,800 less than men on average and would need 18 more years of full-time work to close the gap.
FCA 'stronger nudge' pensions guidance rules come into force
From 1 June 2022 pension providers must offer savers over 50 a free Pension Wise appointment before they access a UK-based defined contribution pension, under FCA "stronger nudge" rules.
Providers must offer Pension Wise appointments to customers accessing pensions
From June 2022 contract-based pension providers must refer customers to Pension Wise guidance, explain what it is and offer to book an appointment when customers access their pension savings.
Regulations 18C to 18E requiring referral of members to pensions guidance inserted
Regulations requiring pension scheme trustees to refer members and survivors to pensions guidance before transferring or accessing flexible benefits were inserted in Great Britain and Northern Ireland with effect from 1 June 2022.
Stronger Nudge rules come into force
Stronger Nudge rules took effect on 1 June 2022, requiring pension providers to offer guidance to people accessing defined contribution savings, with take-up monitored afterwards.
- April 2022
Flat fee charge protections inserted
Regulations in force from 6 April 2022 inserted new provisions into the 2015 charges and governance rules for occupational pension schemes, covering flat fee charges and related governance duties.
State Pension uprated by 3.1% under suspended triple lock
The State Pension rose by 3.1% on 6 April 2022 after the earnings element of the triple lock was suspended for a year, giving pensioners an annual boost of up to £289.
All members moved to the 2015 CARE scheme and final salary closed to accrual
The final salary sections of the NHS Pension Scheme in Scotland closed to further accrual on 1 April 2022, with all members moved into the 2015 career average scheme for future service.
Pension credit rates to rise from April 2022
Pension Credit rates rise from April 2022, with guarantee credit up to £182.60 a week for a single person and £278.70 for a couple, as official figures show £1.7 billion went unclaimed.
Prospective remedy regulations come into force and legacy schemes close to future accrual
Regulations bringing the first phase of the 2015 public service pension remedy into force took effect on 1 April 2022, moving all active members to reformed schemes and closing legacy schemes to future accrual.
Third instance of undelivered statutory communications identified and reported
The Pensions Regulator has reported that NOW: Pensions identified a third failure to deliver statutory member communications in April 2022, with 30,919 communications unsent, and that both operating entities were later fined.
Triple lock temporarily suspended for 2022/23
The triple lock on the State Pension was suspended for 2022/23, the only year it has not applied since it began in 2011/12, after volatile earnings growth following the coronavirus pandemic.
- March 2022
All active teachers now in career average scheme
The Teachers' Pension Scheme final salary section closed to new contributions on 31 March 2022, so from 1 April 2022 all active teachers build up pension in the career average scheme.
NAO publishes investigation into BSPS pension transfer advice and redress
The National Audit Office published a value for money investigation into the British Steel Pension Scheme on 18 March 2022, finding that 47% of the advice given to transferring members was unsuitable.
Consultation on draft Pensions Dashboards Regulations 2022 closes
The Department for Work and Pensions consultation on the draft Pensions Dashboards Regulations 2022 closed at 11:45pm on 13 March 2022, after running from 31 January 2022.
- January 2022
Consultation on draft Pensions Dashboards Regulations 2022 opens
The Department for Work and Pensions opened a consultation on 31 January 2022 on draft Pensions Dashboards Regulations, with responses due by 13 March 2022 and an indicative draft of the Regulations published alongside.