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.

    Share Story:

Recent Stories

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Global sustainable credit
Laura Blows speaks to Royal London Asset Management senior fund manager, Rachid Semaoune, about global sustainable credit
Global equities and transition investing
Pensions Age editor, Laura Blows speaks to Royal London Asset Management equity investment director, Jonathan Price, about transitioning to sustainable investments within global equities

Advertisement Advertisement