Pensions dashboards—the impact on pension schemes
Pensions dashboards—the impact on pension schemes

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • Pensions dashboards—the impact on pension schemes
  • What is a pensions dashboard?
  • What will the dashboard ecosystem look like?
  • Legislative framework
  • Which pension schemes will be affected and when?
  • Obligations placed on pension schemes
  • Requirements for occupational pension schemes
  • Failure to comply—the consequences for occupational pension schemes
  • Requirements for personal and stakeholder pension schemes
  • Complying with data standards
  • More...

Pensions dashboards—the impact on pension schemes

FORTHCOMING DEVELOPMENT: The specific design features of the dashboard system including data requirements, compliance and enforcement will be found in underlying regulations and Financial Conduct Authority (FCA) rules that have yet to be published. For more information, see: Horizon scanning—Pensions — Pension Schemes Act provisions on pensions dashboard.

What is a pensions dashboard?

A pensions dashboard is a service which will let people access their pension information in a single place online, in a clear, simple and secure form. A pensions dashboard seeks to bring together individuals’ pensions information from multiple sources, which can then be accessed at a time of their choosing. Effectively, at its most basic level the dashboard will be an electronic communication service by which pensions information can be requested by, and provided to, an individual using this service.

The aim is to put individuals in control of their data and give them a greater sense of ownership of their pensions so as to better engage individuals in saving and planning for retirement. The government believes there are potential wider benefits of dashboards such as increased consumer choice through innovation and competition.

What will the dashboard ecosystem look like?

In the March Budget 2016, the government committed to ensuring that pensions dashboards would be created by the pensions industry in order to enable individuals to view details of all of their pensions together in one place.

The government subsequently carried out a feasability study which revealed that, while

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