Glossary

This glossary is intended to help you understand some of the most common terms used by the Pensions Dashboards Programme.

TermsDefinition
accruing benefitsWhen a pension is being built up.
active memberAn individual whose benefits are accruing under a pension arrangement.
asserted dataData provided by an individual at the find stage of using a pensions dashboard, which the identity service verifies before sending it to pension providers.
benefit crystallisation event (BCE)A benefit crystallisation event occurs when an individual takes part, or all, of a pension. This might be as a lump sum or income (eg in a defined benefit scheme, a pension in payment or in a defined contribution scheme, where the pension has been annuitised or is in drawdown). It is defined by HMRC.
cash balance schemesA defined contribution occupational pension scheme, where benefit is not just determined by investment returns and an individual’s (and sometimes their employer’s) contributions, eg there may be a promised pension pot conversion rate.
COBSThe Financial Conduct Authority (FCA)’s Conduct of business sourcebook
combined DCWhen an individual has more than one DC pension in an arrangement and a provider combines all of the pot values / income forecasts into one pot or income forecast.
complianceThe process of supporting pension providers to prepare for their legal duties to supply pensions information to the requisite standards and timetable; the process of monitoring that provision; and the process of enforcement should they not meet their obligations.
compulsionTo require in law that pension providers make an individual’s data available to them via their chosen dashboard.
dashboards available point (DAP)The dashboards available point is the point at which it will be reasonable to make pensions dashboards available to all members of the public, meeting the first dashboards goal (“to connect people with all their pensions”) for most individuals.
data standardsThe pensions dashboards data standards will comprise of a set of data elements, which define:

– the individual attributes that will be shared about a verified identity to enable pension records to be searched for a match

– which elements of an individual’s pensions information must be supplied by pension providers for display to the individual (or their delegate) via a pensions dashboard
deferred memberAn individual whose benefits under a pension arrangement are no longer accruing (ie building up).
defined benefit (DB) schemeAn occupational pension scheme, where the pension provider calculates the level of the benefit by reference to an individual’s pensionable salary and/or length of service.
defined contribution (DC) schemeAn occupational pension, where the investment returns and an indivdual’s (and sometimes their employer’s) contributions determine the level of benefit.
digital architectureThe digital architecture will enable multiple parties to be connected in a secure ecosystem that delivers pensions dashboards for individuals. This includes a pensions finder service, identity verification service and a governance register.
disclosure obligationsInformation that pension providers are required to supply to individuals by law.
disclosure regulationsSecondary legislation containing most of the disclosure obligations for occupational pensions schemes (The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 SI 2013/2734)
DOBDate of birth
DPAData Protection Act 2018
DWGPensions Dashboards Programme Data Working Group
DWPDepartment for Work and Pensions
ecosystem governance frameworkThe ecosystem governance framework sets out how the technical components will work together with dashboards and pension providers. This includes all the associated technical connections and their operation in a live environment.
The framework will include data, technical, security and performance standards as well as design, accessibility, and user experience standards that dashboards must meet to be connected to the digital architecture.
ESGEnvironmental, social and governance issues
estimated retirement incomeAn estimate of the income that an individual pension may provide at a date in the future.
FCAFinancial Conduct Authority
final salaryA type of defined benefit, calculated using the individual’s annual salary (or salaries) at, or close to, the pension provider’s normal retirement date.
find dataThe information pension providers will receive from the pensions dashboards ecosystem, elements of which they will need to use, to match people to their pensions.
governance registerThe governance register is a technical service that provides assurances that the different elements of the ecosystem (dashboards, identity services, pension finder service (PFS) and connections to pension schemes) meet the required standards to participate. It ensures that all these elements operate correctly and securely and allows access to be revoked if any party is found to be operating incorrectly, for example by misusing data. It will also enable compliance and monitoring of the system as a whole.
identity verification serviceThe Pensions Dashboards Programme will need to agree a standardised level of identity verification which set the levels of assurance required in line with the National Cyber Security Centre’s Good Practice Guide 45.
The identity service allows users to authenticate themselves (prove they are who they say they are) so that they can access other elements of the ecosystem. It provides the verification required to assure data providers that they are returning data to the correct user and no one else.
individualsPeople who can use one of the dashboards to find and view their pensions.
industryThe wider pensions industry who may be involved in dashboards in different ways. This includes private and public sector pension schemes of all types, financial technology firms, third party administrators, independent financial advisers, insurers and employee benefits platforms, among others. Other interested parties include banks, employers, consumer representative bodies and the voluntary sector.
integrated service provider (ISP)An integrated service provider allows pension information to be securely held on behalf of pension providers under a contractual relationship and is outside of the scope of the ecosystem.
interoperabilityThe ability of organisations to interact towards mutually beneficial goals, involving the sharing of information and knowledge between these organisations, through the business processes they support, by means of the exchange of data between their ICT systems.
ISOInternational Organization for Standardization
liability modelThe steps the PDP is taking to ensure dashboard users, dashboards, the digital architecture and pension providers are all clear what happens if things go wrong. It sets out the protocols for how individual complaints are made, assessed and dealt with. It will also cover how liability is shared between ecosystem participants.
MaPS dashboardThe Money and Pensions Service will develop a pensions dashboard (the MaPS dashboard) as part of its function to provide information and guidance on pensions.
matchWhen a pension provider is able to find an individual’s pension record, using the find data.
memberAn individual who has benefits under a pension arrangement.
NINONational Insurance number
PeIEncoded pension identifier token for secure access. The PeI is an identifier to the found pension. It does not contain any information about the individual or the pension itself.
pension arrangementThe pensions vehicle, within which the member has benefits.
pensions dashboardsPensions dashboards are the public facing user interfaces that will enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement. Dashboards will provide clear and simple information about an individual’s multiple pension savings, including their state pension. They will also help them to reconnect with any lost pension pots.
Pensions Dashboards Programme (PDP)The Pensions Dashboards Programme (formerly known as the Industry Delivery Group) was set up by the Money and Pensions Service (MaPS) and is responsible for developing the pensions dashboards digital architecture which will enable individuals to view all their pensions data via their chosen dashboard within a secure ecosystem.
The PDP will not be responsible for developing a front-end dashboard.
pensions dashboards ecosystemMultiple parties, technical services and governance need to be connected in what we are referring to as an ecosystem. This is made up of the supporting digital architecture which allows dashboards to work, the dashboards themselves which individuals interact with and the governance system which monitors the whole ecosystem.
pension finder service (PFS)The pension finder service is a piece of technology that sends out an instruction to all pension providers to search for a user’s pensions. If a match is found, the location where the data can be found is returned to the user’s chosen dashboard along with a PeI, which allows that dashboard to access the data and display it to the user.
pension protection fundA compensation fund, which can pay out when the sponsoring employer of a DB scheme is insolvent and when the scheme’s benefits would otherwise have to be reduced.
pension providersPension providers is an umbrella term for occupational and personal pension schemes, administrators, ISPs, and the Department for Work and Pensions (DWP), which provides the state pension.
regulated activityAction that firms providing pensions dashboards will need to be authorised by the FCA to take.
regulationsSecondary legislation relating to pensions dashboards. Once the Pensions Bill is in force, secondary legislation will include:

– a new regulated activity for qualifying dashboard services

– compulsion for occupational pensions to share data with the ecosystem

– a mandate for the FCA to make rules for compulsion in relation to personal pensions
regulatorsThe FCA and TPR are regulators, which work in tandem to address risks and harms in the pensions and retirement income sector. The organisations have different statutory remits set by parliament.
safeguarded benefitsAny benefits that include some form of guarantee or promise during the accumulation phase, about the rate of secure pension income that the member (or their survivors) will receive, or will have an option to receive. These include:

– under an occupational pension scheme, a promised level of income calculated by reference to the member’s pensionable service in the employment of the pension scheme’s sponsoring employer (for instance, under a final salary scheme)

– a promised level of income (or guaranteed minimum level of income) calculated by reference to the contributions or premiums paid by or in respect of the member (for instance, under some older personal pension policies)

– a promised minimum rate at which the member will have the option to convert their accumulated pot or fund into an income at a future point, usually on the member reaching a particular age (generally known as a guaranteed annuity rate, or guaranteed annuity option)

They are not money purchase or cash balance benefits.
self-asserted dataData provided by an individual for use at the find stage, which the identity service does not verify.
stagingPension providers will connect to the pensions dashboards ecosystem over a period of time rather than all at once. They will be given a specific date within this period by when they must connect.
Steering Group (SG)The Pensions Dashboards Programme Steering Group represents the interests of consumers and stakeholders within the pensions, financial services and fintech sectors and provides strategic direction across a range of topics. They are responsible for informing the design and delivery of the pensions dashboards ecosystem and steering the work of the working groups. The Steering Group has a specific focus on representing, and building consensus amongst, the industry and consumers who will be involved in, and impacted by, the implementation and rollout of pensions dashboards.
TCFDTaskforce on climate-related financial disclosures
TPRThe Pensions Regulator
URLA recognised term for a webpage address
UWGPensions Dashboards Programme Usability Working Group
view dataThe pension, administration and employment information that pension providers will have to return to individuals to see on dashboards.
working group (WG)The Pensions Dashboards Programme working groups are forums for representatives from across our stakeholders, which bring together subject matter experts with relevant skills and practical expertise to input into the design, build and run of the whole pensions dashboards ecosystem.

A working group will be set up for each significant workstream to do the detailed analysis and options appraisal of key aspects of the programme and will seek a steer from the Steering Group.