The Local Government Association strongly disagreed with the time proposed for dashboard staging, on behalf of the firefighter schemes, arguing that the deadline would not leave Fire and Rescue Authorities with enough time to implement McCloud.
“We recognise that the staging timetable is ambitious and there will be challenges faced by industry in meeting the requirements to connect and deliver on the data requirements,” the government said.
The DWP had initially included a handful of ‘staging break’ periods in its timetable.
In order to accommodate the staging deferral, it has now removed the first break, which was originally scheduled for August 2023.
FCA to assess risks of data exporting
The DWP acknowledged the industry’s desire to understand the compliance regime for dashboards, and said that the Pensions Regulator will consult on this regime once draft regulations have been laid before parliament.
It has also made a number of changes to the draft regulations after respondents raised concerns about areas including the calculation of members’ benefits, displaying more than one value and the time allowed for individuals to respond to schemes seeking to match them to their pensions.
The rules have been amended to allow trustees flexibility when representing non-money purchase benefits.
With some respondents having suggested that schemes affected by McCloud will not be able to provide more than one value to account for legacy and new schemes, the regulations have been changed to treat members as having accrued service in the legacy schemes between April 1 2015 and March 31 2022. Once they retire, they can make an election for new scheme benefits.
The rules will also be altered to order schemes to delete ‘find request’ information for individuals where a possible match to a pension has been made, if they do not contact the scheme within 30 days.
Exporting data from dashboards to other parts of dashboard providers’ systems proved contentious among some respondents, meanwhile, with some opposed on the basis that it could help to facilitate scams. DWP said that the FCA would assess the risks of data exporting.
“Allowing individuals to export their data in a safe and controlled way massively enhances the usefulness of dashboards to pension savers,” said independent consultant Darren Philp.
“It is great to see that the DWP has listened to feedback and is not going to rule this functionality out in the regulations.”
Alex Janiaud is deputy editor at FTAdviser's sister publication Pensions Expert