The Pensions Brief - May 2018

ISSUES AFFECTING ALL SCHEMES

Data protection – new legislation in force

The EU General Data Protection Regulation (GDPR) came into force on 25 May 2018. On the same date, the majority of the provisions of the Data Protection Act 2018 came into force. The Act:

• repeals the Data Protection Act 1998; and
• sets new standards for protecting personal data, in accordance with the GDPR.

Action

If they have not done so already, trustees should review their data protection arrangements as a matter of urgency to ensure that they comply with the new legislative requirements.

Money laundering – HMRC announcement

HMRC has announced that schemes that are subject to the requirement to register with HMRC under the Money Laundering Regulations 2017 and that are registered with Pension Schemes Online (PSO) do not need to register separately with the Trust Registration Service (TRS). If a scheme is subject to the HMRC registration requirement under the Money