On 2 March 2023, the Department for Work and Pensions (DWP) made a written ministerial statement outlining changes to the mandatory connection deadlines for pension providers and schemes.
The statement explains that the Pensions Dashboards Programme (PDP) will be unable to meet the connection deadlines set out in legislation, and the timeline will need to be revised. PDP is working with DWP to establish a new and achievable plan for delivery.
Here are some of the frequently asked questions since the announcement. More information will be shared once available.
What will the new connection timeline look like?
DWP will provide an update on dashboards to Parliament before the Summer recess – provisionally scheduled to being on 20 July 2023. A revised timeline for connection is not yet available.
DWP will legislate at the earliest opportunity to amend the timing of obligations to provide clarity to schemes.
We will continue to work with industry, including the volunteer ISPs, administrators, providers and schemes to prepare for voluntary connection testing. We’d like to thank everyone involved for their support and ongoing commitment in preparing for dashboards.
When will regulators update pension providers and schemes on the timelines?
The Pensions Dashboards Programme (PDP) continues to work closely with The Pensions Regulator (TPR) and Financial Conduct Authority (FCA). TPR and FCA have communicated with affected schemes and will continue to do so. We also encourage pension providers and schemes to speak with regulators directly if they have specific queries.
TPR have updated their pensions dashboards guidance with a checklist for schemes to help continue preparing for their dashboard duties.
What can we do in the meantime?
Getting ready for pensions dashboards takes time, and even though it is not currently possible to connect to dashboards, it is important that preparations continue.
Pensions providers and schemes need to make sure pensions data is accurate and up-to-date, and a set of data matching criteria is developed. PASA data matching convention guidance is a useful resource – please look out for additions to the guidance in the coming weeks.
Pensions providers and schemes will need to have confidence in their overall data quality, as well as considering, for example:
- the level of acceptable risk for dealing with missed matches and matches with non-pension scheme members
- resourcing for enquiries from users following possible matches
- internal processes for the production of pension value data
- admin and/or potential ISP contracts for supporting the connection to dashboards
- Data Protection Impact Assessments and privacy notice updates
How can we stay up to date with PDP and the regulators?
We will continue to provide regular updates via our newsletters, website, explainer videos, press, webinars and more. Sign up to receive our monthly newsletter.
Our next progress update report will be published at the end of April and we will host a corresponding webinar, date coming soom.
The regulators will continue to provide information via their email newsletters. Sign up to receive updates from:
What is the cause of the delay?
Delivering dashboards is highly complex and it is vital that industry has the right support in place to commence connection – either directly or via an integrated service provider (ISP) or administrator. Although much of the work on the central digital architecture has been delivered, there is more to do. This includes finalising the supporting documentation, and ensuring a smooth and stable connection journey for industry.
How long will the delays be?
DWP is considering its options, and will provide an update on dashboards to Parliament before Summer recess.
In the meantime, PDP is working closely with DWP, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) on a revised and achievable delivery plan. DWP will also make changes to the connection timeline set out in legislation.
When will the regulators provide an update on their approach to the current timeline?
PDP continues to work closely with The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA). TPR and FCA will communicate with affected schemes and providers, and we encourage pension providers and schemes to speak to regulators directly.
TPR have updated their pensions dashboards guidance with a checklist for schemes to help continue preparing for their dashboard duties.
What can pension providers and schemes be doing to prepare in the meantime?
Getting ready for pensions dashboards takes time, and even though it is not currently possible to connect to the Money and Pensions Service (MaPS) / PDP dashboards digital architecture, it is important that preparations continue. This includes, for example:
- cleansing and preparing data
- interrogating and improving data accuracy
- developing an approach to matching
- determining the method of connection
Are dashboards going to happen?
DWP and MaPS remain committed to dashboards, which will transform how UK savers track down and engage with their pensions. Dashboards will also bring opportunities for providers and schemes to enhance engagement with their members and customers.
We know this commitment is shared across the pensions industry, and welcome your support over the coming months as we progress towards a new timeline for delivery.