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Pensions: what's new this week - 20 May 2024

Welcome to your weekly update from the A&O Shearman Pensions team, covering all the latest legal and regulatory developments in the world of UK workplace pensions

PASA update on the plans for dashboards guidance

The Pensions Administration Standards Association (PASA) has published an update setting out the guidance it plans to publish in the coming months to help schemes meet their duties in relation to pensions dashboards.

This will include a toolkit to support administrators and trustees with issues relating to additional voluntary contributions; information and test cases to help schemes plan how to test their provision of information; further guidance on matching against personal data attributes; and guidance on administration readiness. PASA’s existing guidance will also be updated as appropriate (for example, following publication of the final data standards).

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TPR: DC Pensions landscape report 2023

The Pensions Regulator has published its annual report on the occupational DC trust-based landscape in the UK. The report focuses on memberships and assets, noting a continuing decrease in the number of non-micro DC and hybrid schemes. 84% of DC or hybrid memberships are now within a master trust.

The report notes that there was little growth in assets per member in 2023, attributing this to investment market volatility in 2022 and variability in reporting dates.

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