UK Pensions – Speeding towards pensions dashboards
Pensions dashboards are online platforms which will allow people to see information about all of their pensions in one place. They have been described as having the potential to revolutionise the way people interact with their pensions. But they also have the potential to be a significant administrative burden for trustees of occupational pension schemes.
While the Pension Schemes Act 2021 included the legislative framework for pensions dashboards, the Government has now published a consultation on draft regulations which set out in far greater detail the requirements trustees will need to meet in relation to dashboards. The consultation document (and the accompanying draft regulations) are long and detailed, so the following is a high level summary of the proposals.
Given the potentially significant impact of the proposed new requirements, trustees should familiarise themselves with the proposals and start thinking about what they will need to do to get “dashboard ready”.