Plans for the rollout of the UK’s first pensions dashboard programme continue to gather pace as work begins on the building, integration and testing of the digital architecture.
Since July 2019, the Pensions Dashboards Programme, established by the Money and Pensions Service, has been developing the secure digital architecture and governance framework to support and enable the implementation of pensions dashboards. Earlier this year the Pensions Administration Standards Association (PASA) launched their Data Management Plan Guidance which underlines that data quality and management is a top priority for pension scheme providers in 2021. Produced in partnership with PASA’s Expert Knowledge Provider for data, Deloitte, the guidance sets out the purpose of a data management plan and the information which should be incorporated, such as processing, security and improvement. “PASA’s guidance noted that the data must now be stored in a way that is compatible with pensions dashboards, able to be digitally matched and returned for display on whatever dashboard a member chooses to use,” notes Danielle Higgins, Managing Director of data management specialists, The Tracing Group.
The aim of the Pensions Dashboards Programme is simple: to enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing. A range of organisations are developing Pensions Dashboards including the Money and Pensions Service, as part of its function to provide information and guidance on pensions.
Dashboards will provide clear and simple information about an individual’s multiple pension savings, including their State Pension. “We are really excited to see that pensions dashboards will also help individuals to reconnect with their lost pension pots,” explains Danielle, who works with pension providers to reunite lost pensions with their rightful beneficiary.
The Pension Schemes Bill received Royal Assent earlier this year - this will set the high level
legislative framework, within which pensions dashboards will operate, to compel pension schemes and providers to make people’s data available to them via a dashboard. “We expect to see all the detail specified in regulations, rules and guidance,” explains Danielle. “We are keen to see the Pensions Dashboards up and running as we believe they will be a game changer by encouraging pension funds to invest in improving data quality, and ensuring more pension funds reach their rightful beneficiary.”
Pension schemes will be able to onboard voluntarily to a pensions dashboard in 2022 to test their systems ahead of a compulsory sign up in 2023.