Getting data-ready for dashboards: benefits for savers and schemes

As pension providers and schemes throughout the UK prepare for dashboards, many are discovering that the benefits of investing in data quality go beyond compliance with dashboards duties. Getting member data in good order is crucial to the success of pensions dashboards, as we explain in this blog.

We’ve invited The Pensions Regulator (TPR) for their view, expanding on how data readiness can help create a wealth of opportunities for members, pension providers and schemes, and the wider industry.

Data quality: the foundation of pensions dashboards

Our work is driven by a simple idea – to enable people to see all their pensions information in one secure place online. To make that happen, dashboards depend on member and pension data being complete, accurate and up to date, across millions of pension provider and scheme records.

The PDP data standards for pension providers and schemes set out the format and structure for ‘find’ and ‘view’ data, ensuring consistency across the pensions dashboards ecosystem.

• Find data is the personal information that is used to search for the user's pensions information.
• View data is the pensions information that is sent back to the dashboard for the user to see.

High quality scheme member data will support better matching against find data received, for which trustees and scheme managers are responsible. Pension providers and schemes must have reliable data matching criteria in place.

When member data is complete and up to date, the number of definite matches is likely to increase, and the number of possible matches is likely to decrease. This would reduce administrative load and improve the user experience as fewer people would need to follow up with their providers or schemes to resolve their cases. Incomplete or out of date data could reduce the effectiveness of matching, undermining confidence in pensions dashboards and affecting future take-up.

The same point around the importance of accuracy and completeness applies around view data. Pension providers and schemes need to ensure the pensions information returned to dashboards is correct and as up-to-date as the legislation requires. All required values for all benefits under a scheme need to be provided, including additional voluntary contributions (AVCs).

Moreover, the view data needs to be returned in accordance with the data standards. This means pension providers and schemes need to understand what the available fields and fixed value codes mean and how they should be used, including conditionality rules where applicable. They need to instruct their third-party connection providers on what information to send back to the dashboard.

Next, our delivery partners at TPR set out the wider benefits of data preparation for pension providers and schemes in scope for dashboards.

The regulatory point of view – TPR comment

As we approach the final mile – less than a year until all schemes are expected to connect to dashboards – the pensions industry is undergoing a transformation long overdue. And at the heart of this shift lies data.

Schemes that have embraced data readiness and recognise the vital role of administration are unlocking broader benefits. Clean, structured, and accessible data transforms operations. It means a member query can be answered with a click, not a paper chase. It means trustees can run real-time analytics, not rely on assumptions. And when dashboards go live, data-ready schemes will be equipped to engage meaningfully with savers – many of whom will be interacting with their pensions for the very first time.

But the consequences of not investing in data are stark. In the long-term, poor-quality data will drive up costs, increase the risk of errors, and fall short of meeting savers’ growing expectations for digital services. As people become accustomed to fast, intuitive digital experiences in other areas of their life, pension schemes must keep pace – or risk being left behind.

Time spent wrestling with data will drain resources from strategic priorities, such as enhancing member services or embracing new technology. And most critically, without good data, savers are left in the dark – uncertain about their retirement prospects and unable to trust the information they receive.

As a regulator, we work to protect members. Earlier this month, we published our Data quality Market Oversight report, following a targeted initiative focused on schemes reporting low or no data quality scores. We engaged hundreds of schemes to understand how member data is assessed and managed. What we learned has shaped our updated guidance, designed to support schemes on their data improvement journeys.

Trustee engagement emerged as a key theme. Many trustees were not actively involved in data management, often deferring to administrators without sufficient scrutiny. Our guidance is clear: data is a governance issue – because it's a member issue. Trustees are accountable. As are third parties who may be contracted to help schemes meet their dashboards duties.

Schemes that fail to act are risking enforcement action. Because dashboards will only work if the right data is there to make pensions visible, meaningful and trusted.

Making the investment count

Data preparation for pensions dashboards undoubtedly requires a significant investment of time and resources. However, pension providers and schemes will find it delivers value far beyond meeting regulatory requirements. It will improve the completeness and quality of the information shown on pensions dashboards, strengthening credibility and trust in this new service. It also has the potential to transform operations, enhance member value, and build stronger foundations for the future.

As we move closer to the launch of pensions dashboards, pension providers and schemes who embrace this opportunity to improve their member data will find themselves better positioned to thrive in an increasingly digital and member-focused landscape.

Help and support for data preparation

There are resources available providing support and guidance for pension providers and schemes.

The data standards for pension providers and schemes can be found on the PDP website, along with regularly updated guidance in PDP’s connection hub. This includes supplementary guidance on benefit illustrations. Answers to queries, and connection and technical assistance, are provided through support.

Trustees and scheme managers regulated by TPR should refer to their pensions dashboards guidance, which includes a checklist of actions to prepare for dashboards. TPR’s updated guidance on data quality sets out practical steps schemes can take to make sure their data is of high quality, for dashboards and beyond.

Firms regulated by the Financial Conduct Authority (FCA) should refer to the FCA’s pensions dashboards rules for pension providers.

Pension providers and schemes may also wish to refer to the data matching convention guidance and dashboards values guidance issued by the Pensions Administration Standards Association (PASA).