Pensions Regulator warns trustees of looming pensions dashboard deadline

Under the Pension Schemes Act 2021, the legal framework for pensions dashboards is set out. The final regulations are expected to be in force by the end of 2022, and it will then be mandatory for trustees to connect with, and supply information to, pensions dashboards allowing their members to see pension information online.

The Regulator has now published some initial guidance which includes a useful checklist against which trustees and their administrators can assess the progress made in the run-up to their staging (or connection) deadline.

Trustees are urged to begin this process as soon as possible by:

• Confirming their scheme’s staging deadline.

• Reading the Regulator’s guidance.
• Review the accuracy of their scheme data.
• Ensuring that dashboard readiness is a regular topic on the agenda for trustee meetings.

Trustees may also find useful some guidance on dashboard accuracy data published by the Pensions Administration Standards Association. The PLSA’s compact guide sets out how trustees could approach their initial dashboard preparation by confirming member data and identifying any duplications on their system. It also provides a list of both private and public data sources available to trustees.

Although schemes’ staging dates may seem a long way off, the amount of work involved to get dashboard-ready should not be underestimated. Trustees should approach their scheme administrator sooner rather than later to get this ball in motion.