Standards for pension providers and schemes approved

The standards for pension providers and schemes in scope for pensions dashboards have been approved by the Secretary of State for Work and Pensions and the Department for Communities (Northern Ireland).

This is a significant milestone for the Pensions Dashboards Programme, taking us one step further towards pensions dashboards becoming a reality for consumers.

Standards are a set of rules and controls for the practical operation of pensions dashboards services and the digital infrastructure supporting them.

The data standards set out the data formatting requirements that pension providers and schemes must follow when returning data to dashboards.

The technical standards define the way those connecting to the dashboards ecosystem communicate with the central digital architecture and each other.

The reporting standards set out the requirements for generating, recording and reporting data to measure service performance, and support oversight and regulatory compliance.

The code of connection sets out the requirements to connect and stay connected, ensuring all ecosystem participants are managed appropriately and securely.

This approval is the final stage in enabling us to publish these standards as a legally binding set of documents, following consultation, development and iteration. We would like to thank the industry partners who worked closely with us on this process.

All providers and schemes in scope for dashboards must comply with the approved standards, which can be found on the PDP website. Each version is named ‘2.0’.

In future, standards may need to be updated. For example, to reflect legislative changes, industry needs, regulatory changes or technological advancements.

The standards for pensions dashboards services are being developed and will be published separately.

For more information, take a look at the PDP website or contact us directly via support.