Consultation to be launched on the Pensions Dashboards’ draft regulations
17 May 2021
The Department for Work and Pensions (DWP) is due to publish a consultation on the topic of the pensions dashboards’ draft regulations, which will outline the rules that need to be applied to the various stages at which pension schemes will be required to submit data related to the project.
It is anticipated that the consultation will be launched in December 2021, to give time for draft regulations to be laid before parliament and debated at some point in 2022.
The Pensions Dashboards Programme recently released its progress update report for April 2021, which details the following:
- Programme achievements
- Senior team changes
- The programme timeline
- Procurement of the digital architecture
- Identity service procurement
- Onboarding strategy development
- Consumer protection and liability model progress
- Programme governance
- Ecosystem design and governance
- Developing user centred design and service standards
- Research and insight
- Communications
The report confirms that dashboards are expected to become live in 2023. It also confirms the list of activities that are expected to take place over the next six months and details the intended timings of key milestones within later programme phases. This will allow data providers to begin to prepare for connecting to dashboards.
The Pensions Schemes Act 2021 included legislation required to ensure that pension providers make individuals’ data available to them through dashboards, and now the Government is required to set out secondary legislation, to include further information about how the dashboards’ infrastructure will operate, and what organisations will need to do to make individuals’ data available to them via dashboards.
There is also currently work underway with several organisations to develop the regulations, and there is an emphasis on data requirements, staged onboarding, the compliance regime, and consumer protection.
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