Updated dashboards standards released following consultation

The rules that will ensure the stability and security of pensions dashboards have been finalised pending approval by the Secretary of State for Work and Pensions.

The Pensions Dashboards Programme (PDP) has released new versions of dashboards standards following feedback from a consultation in July and August. The November 2022 suite of standards will set out mandatory requirements that pension providers and schemes, and potential dashboard providers, will need to follow.

The standards cover the technical and operational detail that underpin dashboards legislation. As well as setting out data formatting requirements, the standards detail security, service and reporting duties for connecting and operating in the pensions dashboards ecosystem. The ecosystem is made up of the central digital architecture – the central technical services provided by PDP that make dashboards work – along with pension providers and schemes, and dashboard providers.

The updated standards will need to be formally approved by the Secretary of State before they come into force. However, PDP has published the standards to give industry as advanced notice as possible of the duties that will need to be complied with.

PDP has also confirmed its process for future updates to standards. This includes principles for decision-making and the notice period for industry.

A consultation on draft design standards will take place in the winter. Feedback will be considered before a finalised draft is published ahead of ministerial approval.

Chris Curry, PDP’s Principal, said:

“Pensions dashboards standards are an essential part of ensuring that users have a safe and consistent experience that will transform their retirement planning. There are now less than six months to go until the first mandatory window opens for pension providers and schemes to begin connecting to the ecosystem. Complying with standards will be necessary to get connected and stay connected, so it’s vital that trustees and administrators know what they need to do to carry out their obligations.

Industry is not being left to go on this journey alone, however. At PDP, we will continue producing useful videos and articles on standards and what you need to do. If you have any questions or need advice, please don’t hesitate to get in touch with us.”