The Government has restated its commitment to delivering pensions dashboards in a written statement.
Connection deadline
The Government formalised its intentions to deliver pensions dashboards through the Pension Schemes Act 2021 and The Pensions Dashboards Regulations (Amendment) 2023. This legislation sets out the requirement for pension providers and schemes to connect to the dashboards ecosystem. It also empowers the Money and Pensions Service (MaPS), through the Pensions Dashboards Programme (PDP), to create pensions dashboards standards with the approval of the Secretary of State for Work and Pensions.
Connection deadline requirements
The requirement for pension providers and schemes, within scope of the regulations, is to connect to the digital architecture by the connection deadline of 31 October 2026.
More information on the regulations can be found in the Department for Work and Pensions’ latest written ministerial statement.
Supporting guidance from DWP
The Department for Work and Pensions (DWP) published a ministerial statement on Monday 25 March 2024 providing an update on the publication of guidance on connection.
This guidance sets out the staged timetable for when occupational pension schemes, and personal and stakeholder pension providers, are expected to connect to the pensions dashboards ecosystem.
Trustees or managers and pension providers must consider the guidance when making decisions or taking actions in relation to preparing to connect to dashboards. They will need to be able to demonstrate, upon request, how they have had regard to the guidance.
DWP encourages trustees or managers and pension providers to follow the dates in the guidance to ensure pension providers and schemes are connected to the ecosystem by the legal deadline of 31 October 2026.
Pensions dashboards standards
Draft versions of the pensions dashboards standards have been published. Some of the standards require further revisions to reflect industry feedback and technical developments. PDP will engage with industry on these changes.
Once finalised, these documents will require DWP Secretary of State’s approval. There is a need to allow industry time to prepare for connection, and this will be considered in plans to publish the approved standards.
Supporting documents for connection
PDP will produce connection and testing materials to support pension providers and schemes in their connection journeys. These will be available in advance of the connection windows outlined in guidance.
PDP will ensure there is sufficient lead time ahead of connection and engagement with industry for input into the development of these supporting materials.
