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Kate Smith, Head of Pensions at Aegon, comments on the third Pensions Dashboards programme progress update report and staging timetable of pension providers to the dashboard ecosystem* |
“The Pensions Dashboards Programme continues to make progress towards its planned launch date of 2023 with a hive of activity, from consultations to procurement of key components. There’s still a lot of work which needs to be carried out before pensions dashboards become a reality, including secondary legislation. Compulsory staged onboarding of pension providers will start in 2023. Another important milestone will be reached in the next couple of months when the programme issues a Call for Input on the sequencing of onboarding to pensions dashboards. Key considerations will be scheme size and benefit type and whether the scheme is used for auto-enrolment. We expect the largest pension providers and all master trusts will be completed to connect to pensions dashboards early on. This will inform the staging design with the sequencing set out in future regulations. It’s important that this process takes no longer than five years so savers don’t wait too long to see all their pensions on dashboards. Having a set date will mobilise pension providers and schemes to get ready to share savers’ date in a safe and secure way.”
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