The short films have been launched as part of TPR’s campaign to get the pensions industry dashboard ready. While eight in 10 schemes say they are on track to connect in line with dashboards on time, one in four still hold some form of non-digital dashboard data, and many schemes hold out of date information on the value of savers’ pensions.
Savers give consistent feedback in the videos that information about their pensions in one place could make a significant difference to their retirement planning.
TPR’s Director of Supervision, David Walmsley, said: “The message to industry from our powerful, new films is clear: savers are ready, are you? From speaking to savers, it’s clear that dashboards will make a huge difference to them – not only to track their pensions but help to find lost memberships and better plan for their future.”
TPR is sharing the films on its social media channels and with industry stakeholders to maintain momentum as schemes prepare, by bringing to the fore the savers this will benefit.
All 2,700 schemes with dashboard obligations have a date to connect to the system, with the first batch connecting this month. All schemes must connect by October 2026.
TPR is supporting schemes in preparing for their dashboard duties through regular communications, awareness campaigns and engagement. It is also engaging with administrators and professional trustee firms. In October 2024 it launched a regulatory initiative looking at schemes’ controls around measuring and improving data. Later this year it will be engaging with schemes to understand in more depth the quality of their data.
Mr Walmsley added: “Progress has been made, but there is still a lot to do to make sure that data is accurate and digitised. It is important trustees and administrators ensure they are taking the right steps now to prepare for dashboard connection and to prepare their data. As a regulator, we will be ramping up our focus on data over the coming months so we can be confident that savers reap the benefits of a service they so clearly need.”
What schemes should prioritise to get dashboards ready
Five actions TPR wants scheme trustees to be taking to prepare for their upcoming dashboards connection date are:
1. Start preparing data now – make sure it is accurate, accessible and digital
2. Download TPR’s checklist to keep on track of dashboards preparations
3. Nominate a dashboards contact through TPR’s Exchange portal to receive communications and guidance to help prepare
4. Work with your administrator, AVC providers, and others supporting your scheme throughout the process
5. Keep a record of decisions and preparations and maintain oversight at board meetings
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