Pensions Dashboards: what they are, when they’re coming, and what you need to do
Posted on 8th March 2024 at 09:53
You may have heard of pensions dashboards, but might be unsure what exactly they are, when they’re coming, or what you need to do to get connected. We've invited Chris Curry, Principal from the Pension Dashboards Programme, to tells us more.
"I wanted to give you an overview of the Pensions Dashboards Programme (PDP), timelines and the
role your organisation will need to play in helping shape the future of dashboards."
Chris Curry, Principal, Pensions Dashboards Programme
What dashboards will do
PDP has been tasked by the Government to deliver the technical solution for pensions dashboards which will let individuals access all of their pensions information online, securely and all in one place. This includes the State Pension, workplace pensions with 100 members or more, and personal pensions. They’ll provide clear information about an individual’s multiple pensions savings, and can even help link people up with lost pension pots. So that dashboards can display this data, all pension providers and schemes in scope of the law will need to connect to the dashboards ‘ecosystem’. This comprises dashboards displaying the data, pension providers and schemes matching people to their pensions and returning pensions information to dashboards, and the central digital architecture.
The benefits of dashboards
PDP research in 2022 found that engagement with pension arrangements was low among UK adults aged 18 to 75, with the majority (55%) having undertaken no engagement activities in the last year. Research by the ABI in 2021 found most people found it challenging to access pensions information, creating a barrier to engaging with their savings. Dashboards will make it easier for people to plan for retirement by providing a comprehensive overview of how much their pension savings could be. They can then make more informed decisions about their pensions, and feel more financially secure and better prepared for their retirement. At the same time, dashboards will create new opportunities for pension providers and schemes to engage with their customers and members, who will have a better understanding of their retirement savings.
The timeline for dashboards
Pension providers and schemes are required by law to have completed connection to the ecosystem by 31 October 2026. But the dates when you’ll be expected to connect will be set out in guidance published by the Department for Work and Pensions in spring 2024, with providers and schemes connecting in groups depending on size and type. We’ll provide further updates on this guidance as it becomes available.
The routes to connection
Preparing for dashboards is a complex initiative, and we recognise that pensions professionals in the charity sector are likely to be small teams supporting hundreds or even thousands of beneficiaries. Therefore, finding the time and resources to prepare for dashboard connection is a challenge. Instead of connecting to the dashboards ecosystem directly, pension providers and schemes may choose to buy a connection solution. This could be provided by an existing third party administrator, or by an integrated service provider (ISP) who would undertake the process of building, testing and connecting on your behalf.
What you need to do
It’s important for you to be preparing for dashboards now. Dashboards should be a regular item on the agenda for board meetings, and advisory panels should ensure that good progress is being made. Pension providers and schemes will need to be compliant with standards. This is a set of rules and controls that will facilitate the ongoing connection to the pensions dashboards ecosystem. Make sure you’re familiar with the up-to-date versions as they are released. In order for dashboards to display correct information to users, it’s also crucial that your data is complete, accurate and up-to-date. You’ll need to have a clear set of criteria for the data you will use to match people to their pensions.
Support with dashboards
While preparing for pension dashboards is a large undertaking, it’s important to remember that you’re not alone. PDP regularly produces information in articles, newsletters, videos and webinar recordings, all available on our website. We’re also on hand to help with specific queries. Collaboration is key to the success of dashboards. It’s vitally important that you work with PDP, the Government and regulators.
Preparing for dashboards is a complex task, but it’s one that will make a huge difference to individuals and the pensions industry. PDP is here to support you through the process. For more information and the latest updates around dashboards, take a look at PDP’s website: https://www.pensionsdashboardsprogramme.org.uk/
Here you can also subscribe to our email newsletters, and sign up for webinars and other events. If you have specific queries and would like to speak to someone who can help, you can email PDP directly at infopdp@maps.org.uk
For more information about Charities Pensions Club, please contact chloe@charitiespensionsclub.com
Tagged as: Pensions Dashboards Programme
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