Karl Lidgley, Client Manager, Third Party Administration, Hymans Robertson, said: “It’s great to see the final dashboard connection guidance has now been issued by DWP, allowing the industry to move forward with some certainty into a delivery phase. There are still a few pieces in the jigsaw puzzle, but schemes now know when they are required to connect. We also expect PDP to issue the final data standards shortly, which will allow finalisation of builds into the required systems.
“Dashboards will deliver digitalisation on a new scale in the pensions industry and significantly improve accessibility to pensions information for consumers. Longer term, with commercial dashboards on the horizon, it will also support better consumer outcomes, allowing everyone to access their current pension savings regularly, and take positive action to improve their retirement outcomes in the future.”
“We need to help the DC generation save for a comfortable retirement. Connecting people with lost pensions, and helping them with a single view of all of their pension savings, is an important step along the way.”
Paul McGlone, Past SPP President and Dashboard Lead, said: “SPP welcomes the DWP publication of the pension dashboards connection timetable this week.
With so much uncertainty surrounding the project since it was “reset” over a year ago, it’s helpful to see firm dates now published.
We agree with the government’s assessment that the pensions industry is making good progress, and the publication of dates will act as a catalyst for more activity.
What we would like to see next is progress on other areas of dashboards, particularly finalising the various standards so that all parties know exactly what is required of them.”
Kate Smith, Head of Pensions at Aegon comments on the DWP’s pension dashboard guidance: “We welcome that the DWP has finally published its pension dashboard guidance, which includes the new pension scheme’s connection timetable. This confirms that pension dashboards will become a reality, reconnecting millions of people with their pensions in one place online, helping them to plan for their future selves.
“As expected, the largest pension schemes, including the largest master trusts and largest FCA regulated pension providers will be expected to connect to the pension dashboard ecosystem by the end of April 2025. Remaining schemes will connect in order of size with the expectation that all schemes will have connected by 31 October 2026.
“The connection dates are in guidance, rather than set out in legislation, with schemes being expected rather than mandated to follow the guidance. We hope that all schemes will follow the guidance, to ensure connection is carried out in an orderly manner avoiding ‘last minute’ connections and potential log jams. The pension dashboard programme and government will need to monitor this closely.”
DWP Pensions dashboards: guidance on connection: the staged timetable
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