The Government intends pensions dashboards to bring about a fundamental change in the way individuals access information about their pensions, allowing people to see all of their future pension entitlements in one online place.
The public will not be able to access the dashboard until at least 2024, but large and medium-sized schemes will need to connect to the online system between June 2023 and October 2025 (depending upon their size and type).
Before they are required to connect to the dashboards, trustees will need to ensure the scheme's data and infrastructure are in good shape and ready for connection. The Pensions Regulator has urged trustees and scheme managers to start getting ready now.
When the systems go live, trustees will need to be ready to receive significantly more data requests from members (via dashboard providers). They will need to respond to these within a very short timeframe. They will also need to be ready for the wider implications of dashboards including the broader effect they may have on the way members interact with their schemes, and the changes in data and other legal risks that this implies.
This briefing outlines the proposed regime as it will affect occupational pension schemes, together with 10 key actions for scheme agendas:
- Identifying your staging deadline
- Getting your data in order
- Getting ready to connect
- Getting ready to match and respond
- Preparing to engage with members outside the dashboard
- Checking your outsourcing arrangements
- Considering data protection and cyber security risks
- Monitoring and managing risks
- Setting up systems for record keeping and reporting
- Monitoring industry developments