The Pensions Dashboards Programme has created a series of explainer videos to dispel myths around pensions dashboards. Over the coming weeks, we will introduce further videos.
Myth: dashboards will define data matching criteria
Busted: when someone searches for their pensions information, personal details get sent to pension providers and schemes to find a match with their records. Providers and schemes need to develop their own matching criteria
Myth: PDP is responsible for making sure pensions data is accurate
Busted: PDP and partners will support industry in preparing to deliver pensions dashboards. However, it is the responsibility of pension providers and schemes to cleanse and improve accuracy of their pensions data.
Myth: dashboards can only be used for pensions already in payment
Busted: people will be able to view information on their State, workplace and personal pensions not in payment. Dashboards will help people plan for retirement and re-connect with forgotten or lost pensions.
Myth: there will only be one pensions dashboard
Busted: the Money and Pensions Service is creating a MoneyHelper dashboard that will be available for anyone. Other organisations will be allowed to operate dashboards, following FCA authorisation, permission and regulation.
Myth: you will have to pay to use dashboards
Busted: dashboards will be free for users. They’ll be invaluable to those with lost pensions and planning for retirement. People will also be more engaged with their pensions, creating opportunities for pension providers and schemes.
Myth: dashboards will store and save users’ pensions data
Busted: the Pensions Dashboards Regulations 2022 prevent dashboard services from storing data beyond the short-term purpose of displaying information to the user.
Read the regulations: https://www.legislation.gov.uk/ukdsi/2022/9780348239645/contents