UK Pensions – Pensions dashboards are coming
Pensions dashboards are online platforms which will allow people to see information about all of their pensions in one place. The Government has described them as having the potential to revolutionise the way people interact with their pensions. But they also mean new duties for trustees of occupational pension schemes. These new duties have now been confirmed with the publication of the final Pensions Dashboards Regulations 2022.
From August 2023, the first wave of schemes will be required to connect to the dashboards infrastructure established by the Money and Pensions Service (MaPS). Schemes will need to be ready to receive find requests relating to individuals and search their records for a match, provide members with information about their pensions through the dashboard of their choosing, and report certain information to the Pensions Regulator and MaPS.
Schemes should already be well on the way to becoming “dashboard ready”, including checking their connection deadline, taking steps to ensure the quality and completeness of their scheme data, and liaising with the scheme administrator to understand their plans and readiness to connect to pensions dashboards. The publication of the final regulations should provide trustees with the certainty they need to progress their preparations.