PLSA IC 2020: Schemes to face 'draconian penalties' for not being data-ready - Opperman

Pensions Minister Guy Opperman has warned that schemes that do not have their data ready for the pensions dashboard will face “draconian penalties”.

Speaking at the PLSA Investment Conference, Opperman reiterated his commitment to the dashboard and challenged the industry to be active in improving member data.

He said that schemes should “be under no illusions” that inertia will be satisfactory and that the industry “should not be waiting for legislation” to get data ready now.

Opperman continued: “I don't believe inertia is an option in this. There will be draconian penalties for those who do not have their data ready.

“Given that the data should be ready now, there is no legitimate reason for delay.”

Urging schemes to invest in improving the quality and availability of member data, Opperman said anyone that has not done so already should “take a long hard look at yourself” and ensure that they are “ready for the future”.

“There is clearly a requirements for data standards and that is being worked upon,” he stated, adding that he is “utterly committed to ensuring the dashboard goes ahead”.

The upcoming Pension Schemes Bill, which is currently passing through the House of Lords, will include legislation to provide “secure, accurate and user-friendly data”.

Opperman has regularly been vocal on his support for the dashboard and has helped formed its eventual introduction in the Pension Schemes Bill.

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