You wait ages for a bus and three arrive at once!
The same might be said about pensions dashboards.
As things stand, it does look as though the proposed go-live date of October 2023 will be achieved. Trustees, even if their scheme does not ‘stage’ until 2024 or beyond, should now be thinking about the quality of their data. Is it dashboard proof, how they will connect to the eco system, and do they have enough resource to fulfil their duties?
In the past few months, there has been no less than three important developments.
Response to further consultation on pensions dashboards
The DWP has published the government response to the second consultation on the creation of pensions dashboards. This concerned the formal notice period before the dashboard service is available to the public, and the disclosure of information between the Money and Pensions Service and the Pensions Regulator.
Guidance on deferred dashboard connection
The DWP has also published guidance on the issues trustees should consider if they are applying for a deferral of their staging deadline.
Pensions Dashboards Regulations 2022
These regulations, SI 2022/1220, set out what needs to be in place to enable pensions dashboard services to operate effectively. They come into force on 12 December 2022.
While the staging dates provide time to get everything together, the ever-looming deadline requires Trustees to ensure the data, its connectivity to the dashboard eco system and the required resource are best answered sooner rather than later.
