As we have covered in previous editions of Vision, the Government has been working with the pensions industry to develop a pensions dashboard service, a digital interface that will enable individuals to access all their pensions information (including their State Pension) in one place.
To make this work, multiple parties and technical services need to be connected in what is referred to as the dashboard ecosystem.
In January 2022, the Department for Work and Pensions (DWP) published a consultation on draft regulations on pensions dashboards, which closed in March. The regulations set out requirements that a pensions dashboards service must meet in order to be a ‘qualifying pensions dashboard service’, the timetable for compulsory scheme participation and the obligations on trustees or managers of relevant occupational pension schemes to co-operate with and connect to the dashboard ecosystem. There has seemingly been a great deal of feedback from the industry, particularly on the tight timescale for implementation.
In addition to the final regulations, we are also expecting draft guidance from TPR which should help trustees and managers prepare.