Monday 17th October 2022 saw regulations to enable millions of UK savers to access their pensions information at the touch of a button having been laid before parliament.
Marking another important milestone in the Department for Work and Pensions’ (DWP) progress towards making Pensions Dashboards a reality, the regulations outline how pension schemes will connect to the dashboard ecosystem and what providers must do to become a qualified pensions dashboard service.
Pensions Dashboards will transform how savers access their pensions facts and figures, allowing people to see what they have in their various pensions – including their State Pension – in a single place online, at any time they choose.
We want people across the UK to have the support and information they need to make informed choices about their financial futures.
Providing a convenient place for savers to access their pension information – at the touch of a button – will help people become better informed and more engaged savers, and support them to plan more effectively for retirement.
Pensions Dashboards will make a real difference to how people view their pensions savings, and how pension providers and schemes engage with their members and customers. There are now just over 6 months until the first window opens for pension providers and schemes to begin mandatory connection to the dashboards ecosystem. Dashboards will soon become a reality, and Government, the regulators and industry will work together to make them a success.
Taking onboard feedback from industry, the DWP also announced that the Dashboard Availability Point (DAP) will be announced 6 months in advance, giving time for industry to make final preparations for the public launch of the service.
The building and initial testing of the digital dashboards architecture is already well underway, with pension schemes being urged to ensure they are “data ready” for the launch of Pensions Dashboards.
2022 marks 10 years since the introduction of Automatic Enrolment, and with a record number of British people saving for retirement, and more people managing their finances online, the need for Pensions Dashboards is stronger than ever.