Ecosystem design and governance
• Developing user centred design and service standards • Research and insight • Communications
The report confirms that dashboards are expected to become live in 2023. It also confirms the list of activities that are expected to take place over the next six months and details the intended timings of key milestones within later programme phases. This will allow data providers to begin to prepare for connecting to dashboards. The Pensions Schemes Act 2021 incl uded legislation required to ensure that pension providers make individuals’ data available to them through dashboards, and now the Government is required to set out secondary legislation, to include further information about how the dashboards’ infrastruc ture will operate, and what organisations will need to do to make individuals’ data available to them via dashboards.
There is also currently work underway with several organisations to develop the regulations, and there is an emphasis on data requirements, staged onboarding, the compliance regime, and consumer protection.
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Plans for the Pensions Dashboards Programme unveiled in call for input 2 June 2021
The Pensions Dashboards Programme (PDP) has published a call for input, which discusses detailed proposals relating to the various different stages of the project.
The first schemes that will be required to provide data for the pensions dashboards in 2023 according to the document will be master trusts and those pension providers that are regulated by the Financial Conduct Authority (FCA). Staging is going to be split into three stages. Initially, those schemes that have over 1,000 members will need to provide data to the dashboards. Medium-sized schemes, with between 100 and 999 members will be expected to submit their data next, and finally, small and micro schemes, with 99 or less members will be required to provide the relevant data last. The first stage will start in April 2023 and will run for a period of up to two years, at which point master trusts and FCA- regulated providers will need to submit their data. Within the same year, defined contribution schemes used for auto- enrolment will be expected to provide their data and then, all remaining occupational schemes with more than 1,000 members will be required to provide their data. It is anticipated that the second stage will not begin until the majority of large schemes have connected their data successfully, which will probably not happen prior to 2024. The date of the third and final stage will be confirmed in line with the Integrated Service Provider (ISP) market emerging. There is no definitive date by which all schemes should be sharing their data with pensions dashboards within the call for input.
Using this timeline, it could be that 99% of pensions will be “in scope for dashb oards within two years from the first staging date”.
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Backto60 state pension appeal denied by the Supreme Court 6 April 2021
The Chartered Institute of Payroll Professionals
Payroll: need to know
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