Dashboards have been under development for several years but this was expected to be the year of reckoning. Trustees of the largest schemes start had been expected to connect to the dashboards “ecosystem” from April 2023, with the majority of schemes following at different “staging dates” over the course of 2023 to 2025 . However, the DWP unexpectedly “reset” the dashboard programme in March 2023 to allow more time to develop and test its infrastructure and systems. This will push back the staging timetable with schemes’ connection deadlines being postponed. A new timetable has not yet been proposed but we are expecting an update from the DWP in the summer. Notwithstanding the delays, the DWP and TPR have made it clear that they expect all schemes to be preparing for dashboards now, regardless of their staging date.
What is a dashboard?
A pensions dashboard is essentially an online platform where members of the public can access information about all of their UK pensions provision, including their state pension, in one place. Broadly speaking, trustees of schemes in scope will need to:
- connect to the dashboard “ecosystem” by their staging date
- ensure their scheme can receive and service both “find” requests (a request sent as the result of an individual searching for information about their pensions) and “view” requests (a request by an individual to see detailed information about any pension which the dashboard shows they have).
What do trustees need to do?
Meeting their dashboard duties involves a lot of steps. As a starting point, trustees should:
- take advice on the decisions they will need to make in relation to dashboards
- speak to their administrators to understand their connection plans
- make sure their data is “dashboard ready”.
With the majority of the detailed legislation, guidance and industry standards finalised, it is important for schemes to keep up momentum with their preparatory work, in the expectation that dashboards will be going ahead, albeit not quite as soon as expected.
- Recent consultation responsesRead our responses to four recent consultations on dashboards issues, issued by TPR, FCA and PDP. They cover the draft dashboards compliance and enforcement policy…
- Survey shows that the lack of legislation is a stumbling block for schemes getting dashboard readySackers today announced the results of their most recent webinar survey clearly demonstrating that, for most schemes
- Will 2023 be the year of the Pensions Dashboard?With the largest pension schemes set to connect to the dashboards ecosystem from August, and dashboards finally gaining attention in the mainstream
- TPR’s consultation on Dashboards compliance and enforcement policyLeanne Carter looks at TPR’s consultation on its draft dashboards compliance and enforcement policy and sets out practical steps schemes can take to reduce the risk of being on the receiving end of TPR’s displeasure.