The Government formalised its intentions to deliver pensions dashboards through the Pension Schemes Act 2021 and The Pensions Dashboards Regulations (Amendment) 2023. This legislation sets out the requirement for pension providers and schemes to connect to the dashboards ecosystem. It also empowers the Money and Pensions Service (MaPS), through the Pensions Dashboards Programme (PDP), to create pensions dashboards standards with the approval of the Secretary of State for Work and Pensions.
The requirement for pension providers and schemes, within scope of the regulations, is to connect to the digital architecture by the connection deadline of 31 October 2026.
More information on the regulations can be found in the Department for Work and Pensions’ latest written ministerial statement.
Guidance will be published that will set out when pension providers and schemes are expected to connect to dashboards. A staging profile in guidance will provide the framework for when schemes should connect. Schemes will be required in legislation to have regard to this guidance.
PDP will work with the Department for Work and Pensions (DWP), the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR) to ensure that providers and schemes have the guidance they need to be able to comply with their obligations. PDP will continue to engage with industry to seek input on the draft guidance before it is finalised.
Pensions dashboards standards
Draft versions of the pensions dashboards standards have been published. Some of the standards require further revisions to reflect industry feedback and technical developments. PDP will engage with industry on these changes.
Once finalised, these documents will require DWP Secretary of State’s approval. There is a need to allow industry time to prepare for connection, and this will be considered in plans to publish the approved standards.
Supporting documents for connection
PDP will produce connection and testing materials to support pension providers and schemes in their connection journeys. These will be available in advance of the connection windows outlined in guidance.
PDP will ensure there is sufficient lead time ahead of connection and engagement with industry for input into the development of these supporting materials.