Pensions Bulletin 2025/30

Pensions Regulator uses dashboard deadlines to call on schemes to address data deficiencies 

The Pensions Regulator is calling on occupational pension schemes to address data issues to ensure that not only can they connect to the pensions dashboard ecosystem by their ‘connect-by date’ in DWP guidance, but pension savers can find accurate information about their pension entitlements when they use dashboards. 

In a blog, Julian Lyon, Interim Executive Director of Market Oversight, says that many schemes have underinvested in data, with issues in data quality building up and leading to a “data debt”. He says that tackling this debt will be beneficial for schemes with wider-ranging implications going beyond dashboard duties. These include reducing complaints, enabling automation, and to support achieving strategic ambitions, such as end game strategies. 

The blog is also used to publish the Regulator’s Pensions Dashboard Readiness Survey 2024-25. Amongst other things this finds that: 

• 94% of schemes were aware of all five of their key duties regarding dashboards – ie to connect to the central digital architecture, have regard to DWP’s guidance on when to connect, use personal data provided by members to find their records, return up-to-date pension asset information, and to complete these tasks in line with MaPS standards. 
• 72% had completed all of the five key actions the Regulator expected schemes to take or had a plan to achieve them. These actions include regularly tracking progress at board meetings, discussing preparations with administrators, choosing a route to connection, and taking steps to ensure their match/personal data is accurate and held digitally. 
• 78% of schemes intended to connect by the 'connect-by date’ or an earlier date and were confident they would do so. 
• 51% of schemes had identified the personal and contact data items they would use for matching members to their records, with a further 41% expecting to decide soon. Additionally, 57% were either completely or very confident in the accuracy of their matching or personal and contact data, while an additional 40% were fairly confident. 

Mr Lyon says that since October 2024, the Regulator has been targeting schemes based on data scores reported to it, to ask how they are reviewing their data and putting improvement plans in place. And in the coming months, the Regulator will meet with the largest schemes in the country and scrutinise their preparations for dashboards. It will also launch a campaign targeting medium-sized schemes due to connect in 2026, to make sure that they are on track to provide data. 

MPs report on pensioner poverty 

In its report on pensioner poverty, Parliament’s Work and Pensions Committee is calling on the Government to commit to a UK-wide, cross-government strategy for an ageing society, that will help target support to tackle pensioner poverty. MPs warn that unless poverty is tackled as one of the causes of ill-health, “the Government will not be able to achieve its goal of building a health and social care service that is sustainable”. 

This report, which is the culmination of an inquiry launched last December (see Pensions Bulletin 2024/49), also: 

• Highlights longer-term trends that “threaten to undermine pension adequacy”, such as the climbing number of people renting in the private sector during retirement rather than owning their home outright. 
• Calls for a Pension Credit take-up strategy for England by the end of 2025 to tackle those households that are eligible but are not claiming. 
• Asks the Government to decide on and ensure a minimum level of retirement income. It says that the State Pension should provide the amount needed for a ‘minimum, dignified, socially acceptable standard of living’, and once set, a plan should be created for everyone to get to that level. 

Audit Reform Bill timing slips further 

At the beginning of July we reported (see Pensions Bulletin 2025/26) that it seemed that the Government’s draft Audit Reform and Corporate Governance Bill, promised for this parliamentary session in the July 2024 King’s Speech, will not be published until the autumn. There now seems to be additional uncertainty regarding the Bill. 

In a 21 July 2025 letter to the Business and Trade Committee Chair Liam Byrne MP, Justin Madders MP, Minister for Employment Rights, Competition and Markets at the Department for Business and Trade, says that the draft Bill will not be put forward for pre-legislative scrutiny in the current parliamentary session. He went on to say that the delay will be used by the Government to re-consult and engage with stakeholders involved to “continue to refine our proposals” and to ensure that “our reforms strike the right balance between oversight and assurance for investors, while not placing unnecessary additional burdens on business”. 

As Liam Byrne’s 22 July 2025 response highlights, there are a number of questions arising from the letter around the content, eventual timing of and whether there will still be a pre-legislative scrutiny process for the Bill as had been originally promised. 

SFO charges six in pension transfer fraud investigation 

The Serious Fraud Office has charged six individuals with fraud-related offences, following an investigation into the transfer of £75m in pension funds into storage units. Five were charged with conspiracy to defraud, two with money laundering and three with Perjury Act offences. 

The SFO says that between 2011 and 2014, more than 1,900 UK investors transferred their pensions into self-invested personal pensions to invest in storage units, based mainly in the North of England and Scotland, sold by UK storage company Store First. The SFO allege that there were misrepresentations in the marketing of the product as well as the offer of upfront cash without telling investors they might be exposed to a tax liability for receiving money out of their pension.