UK. Pension dashboards are coming – action for occupational pension schemes to take now
Establishing a system of “pension dashboards” to enable individuals who have yet to take retirement benefits to find clear, standardised information about all their pension arrangements (including rights to state pension) in one place is a key element of the government’s pension strategy.
The ambition is laudable but achieving it will be a mammoth task, requiring significant time and resource from occupational pension scheme trustees, pension managers and administrators. All UK occupational pension schemes with 100 or more non-pensioner members must participate and must comply with stringent information and technical requirements. Pension scheme trustees should consider now what action they will need to take to ensure that they are ready to meet the new obligations.
When do the requirements apply?
Every occupational pension scheme within scope must connect to the “dashboard architecture” by its “staging deadline” (for example, 30 June 2023 for the largest master trusts; 30 November 2023 for defined benefit (DB) schemes with at least 20,000 non-pensioner members; with all schemes with at least 1,000 deferred and active members having to connect by 30 September 2024; smaller schemes with 100 or more members must connect over the period to 31 October 2025).
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