How FCA-regulated pension providers are preparing for pensions dashboards

As Principal of the Pensions Dashboards Programme (PDP), I’m pleased to share the findings from our latest research exploring how pension providers regulated by the Financial Conduct Authority (FCA) are preparing to connect to the pensions dashboards ecosystem and respond to find and view requests. This work is crucial in helping understand industry readiness as pension providers and schemes approach the first ‘connect by’ date in guidance.

About the report

Ipsos, on behalf of PDP, conducted a detailed online survey with a sample of 130 FCA-regulated pension providers between 9 October and 6 November 2024. The survey aimed to assess providers’ awareness of their duties, their understanding of guidance and legislation, the progress they had made so far, and their confidence in meeting the requirements for connecting to the pensions dashboards ecosystem. This complements a similar survey conducted by The Pensions Regulator (TPR) for occupational schemes.

It should be noted that the survey took place around 6 months ahead of the first ‘connect by’ date in guidance, 30 April 2025. This means it should be viewed as a ‘snapshot’ of readiness at that point in time, and preparations will naturally have progressed since then.

Overview of main insights

Readiness for connection

Findings from the survey show that awareness of pensions dashboards, providers’ associated responsibilities and engagement with legislation and guidance, was strong. The vast majority of providers that responded to the survey had read key guidance and policy documents from the FCA, PDP and the Department for Work and Pensions (DWP).

The report showed that more than 90% of respondents intended to connect before or by their ‘connect by’ dates in guidance. Large majorities of respondents were at least ‘very confident’ in meeting the requirements for connecting in line with their ‘connect by’ date. The majority of providers (82%) that responded to the survey intended to connect to the dashboards ecosystem through a third-party connection provider.

Data preparation

More than 8 in 10 respondents said all their data used for matching people to their pensions on dashboards was held digitally. Providers also reported high confidence in which personal and contact data items they will be using for matching members to their records by their ‘connect by’ date, with over three-quarters of all respondents (80%) reporting to be very or completely confident.

There was also very high confidence in meeting requirements for how pension values must be calculated and how quickly providers must return data to dashboards, with 85% saying they were very or completely confident.

Programme progress

Since the survey was conducted, we’ve made further strides to support industry in preparing for dashboards. The standards for pension providers and schemes have been formally approved by the Secretary of State for Work and Pensions and the Department for Communities (Northern Ireland), and updated versions have been published on the PDP website.

The first volunteer participants successfully completed their live connection to the dashboards ecosystem in early March, followed by the first pension provider on 17 April. More providers and schemes are registered and are currently in the pipeline for connection this month.

As set out by the programme in December, a number of volunteer participants will not have completed their connection journeys by the end of April. PDP is partnering closely with the FCA and The Pensions Regulator (TPR), who understand the position and have provided reassurance they will take a pragmatic approach. There will be no regulatory intervention at the current time for pension providers and schemes who are unable to meet their ‘connect by’ dates in guidance solely due to their dependence on a volunteer participant who has yet to connect.

We have continued to engage with industry through regular meetings and forums and by attending external speaking engagements, to provide the latest programme updates and raise awareness of industry duties. We also provided an opportunity for industry to come together, share progress and prepare for the next phase at our ‘town hall’ event in December 2024, and are looking to host a similar event this summer.

For a deeper dive into the findings and insights from the research, I encourage you to read the full report, available on the PDP website: Personal pension providers’ readiness for pensions dashboards