An introduction to data standards for pensions dashboards
15 December 2020
It has been established that data standards are a crucial element of the pensions dashboards ecosystem, as they will ensure that there is a shared language that allows for the exchange of data between UK pension providers and savers who are accessing the pensions dashboards.
Information from the Pensions Dashboards Programme (PDP) has been published, which introduces the concept of data standards in relation to pensions dashboards and advises how the industry can begin to prepare now.
The data elements that will go into the data standards have been provided, alongside a usage guide, to assist providers in reviewing their data prior to connecting to dashboards.
The PDP is urging providers to improve their data in preparation for their customers and members being able to access to it via the pensions dashboards, once they are established.
There are some key documents for providers to familiarise themselves with:
- Data standards guide – This discusses the data elements required to find and view basic information relating to an individual’s pensions
- Find data – This gives details of the information that pensions providers will receive via the pensions dashboard ecosystem, some of which will be required in order to match people to their pensions
- View data – This provides the information that pensions providers will need to return to individuals to see on dashboards
There is also a video available – introduction to the pensions dashboard ecosystem.
For the first version of pensions dashboards, all UK-based pensions are in scope, including:
- State pensions
- Defined benefit pensions (including cash balance schemes)
- Defined contribution pensions (including a remaining balance after any uncrystallised funds pension lump sums have been withdrawn)
Pensions that are paying out now, are annuitised or are in drawdown, however, are out of scope.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.