The PDP is urging providers to improve their data in preparation for their customers and members being able to access to it via the pensions dashboards, once they are established.
There are some key documents for providers to familiarise themselves with:
• Data standards guide – This discusses the data elements required to find and view basic information relating to an individual’s pensions • Find data – This gives details of the information that pensions providers will receive via the pensions dashboard ecosystem, some of which will be required in order to match people to their pensions • View data – This provides the information that pensions providers will need to return to individuals to see on dashboards
There is also a video available – introduction to the pensions dashboard ecosystem.
For the first version of pensions dashboards, all UK-based pensions are in scope, including:
State pensions
•
• Defined benefit pensions (including cash balance schemes) • Defined contribution pensions (including a remaining balance after any uncrystallised funds pension lump sums have been withdrawn)
Pensions that are paying out now, are annuitised or are in drawdown, however, are out of scope.
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Pensions Dashboards 2023 timeframe potentially under threat 23 March 2021
A letter from the President of the Society of Pension Professionals (SPP), sent to the Pensions Dashboards Programme (PDP), stated that there are seven ‘priority areas’ where members believe that additional clarity is required for the programme to be a success, and for it to reach the ‘go live’ deadline of 2023. James Riley, the current SPP President, and his predecessor, Paul McGlone, produced the letter, for the attention of PDP Principal, Chris Curry, and confirmed that the pensions industry was anxious about the possibility of the timeframe for the dashboards going live in 2023 not being met, unless further clarity is provided in certain areas as a matter of urgency. The SPP asserted that more details were required in relation to calculations, particularly on some of the more complicated areas, for example, estimated retirement income. The SPP felt that better definitions would help in this area, as these calculations do not tend to be automated in the majority of schemes, and results aren’t currently available for sharing on the dashboards. The way in which information is communicated between schemes and administrators, and the different sections of the dashboard environment are also “undefined”, and IT solutions need to be established. They also need to be tested so that it is ensured that the various contact points run both seamlessly and securely. The Financial Times reported that the SPP also advised that there needs to be an “industry-wide solution”, in addition to further information on how to pair savers with scheme records. They said that, at present, there are no clear guidelines on how the matching process will work and suggested that if schemes or administrators were expected to apply their own individual rules, then it would be “highly inefficient” and would result in different standards running throughout the industry. The letter also discussed issues with partial matches, where a scheme may discover a record that is similar, but not identical to, a member’s. There was also a focus on legal issues, as the SPP stated that schemes and administrators would want confirmation that any problems with the dashboard’s structure, which could potentially lead to data breaches or inaccurate information being provided, would not end with them being held accountable for any losses or claims.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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