Draft pensions dashboard regulations: government consultation response

14 July 2022

Pensions dashboards are coming, and a press release stresses the importance for those in charge of pension schemes to “get data ready” by minister for pensions, Guy Opperman.

Guy Opperman agreed to return as minister to assist the Department for Work and Pensions (DWP) with the various initiatives currently being run. He said:

“For many people, a pension is the most significant financial investment they will make in their life. That is why the introduction of pensions dashboards is so important.

“Clear pensions information at the touch of a button, including on the State Pension, will ensure savers are better informed and more engaged, while helping people to plan effectively for retirement, as well as to find lost and forgotten pension pots.

“The building and initial testing of the digital dashboards architecture is already well underway. My message to the trustees and managers of pension schemes of all types and sizes is simple: get data ready.”

The government’s consultation response into the draft regulations dives into the responses and evidence submitted. Some key take-aways are:

  • The government remains committed to supporting the rollout of pensions dashboards.
  • A further consultation has been launched to address
    • the Dashboards Available Point (DAP)
    • how to support the disclosure of information to the Money and Pensions Service (MaPS) and The Pensions Regulator (TPR)
  • The charge cap on schemes will continue to apply, further details on the costs of schemes participating in the dashboards will be published in the impact assessment when the regulations are laid before parliament
  • Dashboard functionality will be reviewed for future iterations, the initial dashboards will have a simple ‘find and view” process until trust in the platform is built
  • Date of birth will be included as a data item to allow dashboards to display retirement dates
  • National insurance numbers will not be required to allow as many people as possible to make use of the systems, however, providing it may assist in the matching process
  • Most respondents agree that the compliance measures proposed are “appropriate and proportionate”

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