Pensions dashboards consultation released

02 February 2022

The Department for Work and Pensions (DWP) has released a consultation which focuses on the introduction of pensions dashboards. Pensions dashboards will be an electronic communication service, intended to allow individuals to plan more effectively for their retirements by collating all their pensions information from a variety of sources in one place. It will also provide information on their state pension.

The consultation asks for answers to policy questions that centre on the creation of pensions dashboards. Regulations showing how the policy would be turned into law have been provided and can be viewed here. They highlight the requirements that would need to be met for a pensions dashboards service to be regarded as a ‘qualifying pensions dashboards service’. They also stipulate the requirements to be met by the trustees or managers of relevant occupational pension schemes, along with provisions to ensure their compliance with the requirements. Additionally, the regulations set out provisions for The Pensions Regulator (TPR) to take enforcement action relating to pension schemes that don’t comply. 

The consultation is open until 13 March 2022 and can be accessed here.
 


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