Plans for the Pensions Dashboards Programme unveiled in call for input

01 June 2021

The Pensions Dashboards Programme (PDP) has published a call for input, which discusses detailed proposals relating to the various different stages of the project.

The first schemes that will be required to provide data for the pensions dashboards in 2023 according to the document will be master trusts and those pension providers that are regulated by the Financial Conduct Authority (FCA).

Staging is going to be split into three stages. Initially, those schemes that have over 1,000 members will need to provide data to the dashboards. Medium-sized schemes, with between 100 and 999 members will be expected to submit their data next, and finally, small and micro schemes, with 99 or less members will be required to provide the relevant data last.

The first stage will start in April 2023 and will run for a period of up to two years, at which point master trusts and FCA-regulated providers will need to submit their data. Within the same year, defined contribution schemes used for auto-enrolment will be expected to provide their data and then, all remaining occupational schemes with more than 1,000 members will be required to provide their data.

It is anticipated that the second stage will not begin until the majority of large schemes have connected their data successfully, which will probably not happen prior to 2024. The date of the third and final stage will be confirmed in line with the Integrated Service Provider (ISP) market emerging. There is no definitive date by which all schemes should be sharing their data with pensions dashboards within the call for input.

Using this timeline, it could be that 99% of pensions will be “in scope for dashboards within two years from the first staging date”.

 


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