Non-commercial dashboards ‘must replicate’ public version – Counsell

Any non-commercial pensions dashboards that are developed “must replicate” the government-backed public dashboard, The Pensions Regulator (TPR) chief executive, Charles Counsell, has said.

Speaking to the Work and Pensions Select Committee today, Counsell stated that non-commercial dashboards must “present the same information” as the public version.

He also revealed that TPR is “actively engaged” in establishing the data standards required for the dashboard implementation.

Counsell was called before the committee to answer questions on the Arcadia pension deal agreed this month, alongside what lessons the regulator had learned from the collapses of BHS and Carillion.

He insisted that the trustees of the Arcadia scheme are up to the challenges presented by the company voluntary agreement (CVA) agreement, although he was unable to answer questions on how many staff are working on the case and details of the scheme’s deficit.

TPR had been working with the trustees since February and Counsell described the case as “difficult and delicate” to negotiate, with “a significant proportion” of the security provided to members being in property.

When asked about the introduction of collective defined contribution (CDC) schemes, Counsell said that he “absolutely welcomes” the proposed framework and that he hopes the legislation will be presented to parliament in Autumn 2019.

TPR is seeking to working with the Financial Conduct Authority and the Prudential Regulation Authority (PRA) on the introduction of CDC legislation.

Counsell also called for regulation to be put in place for super funds, as he believes that TPR do not have the necessary powers to stop a super fund taking on a scheme under current regulations.

TPR is reportedly in talks with the PRA on super fund guidelines.

On the handling of the Carillion collapse, he said that “things have changed” since the case and that there “are lessons to be learned”.

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