Potential pensions data providers must meet a minimum set of requirements in order to be eligible for connection to the ecosystem.
steps to connection
Early 2022 has seen consultation exercises from the Department for Work and Pensions (DWP) and the Financial Conduct Authority (FCA) on regulations and rules for pensions dashboards. Taking the information within these consultations, together with the Financial Reporting Council (FRC) consultation on proposed changes to statutory illustrations, provides the pensions industry with a clearer view of what providers and schemes need to do to comply with the duties around pensions dashboards.
The consultation responses received from industry may result in some amendments to the final details but, even allowing for these clarifications in light of industry feedback, there are practical steps you can take now to prepare for the challenges ahead.
When do I need to stage?
The DWP and FCA consultations detail when pension schemes and providers will need to stage.
DWP set out the staging schedule for pensions providers and schemes that will provide data to dashboards (ie data providers) within the consultation document. Broadly speaking there will be three waves of staging:
Large schemes (1000+ relevant* members)
April 2023 – September 2024
Medium schemes (100 to 999 relevant* members)
October 2024 to October 2025
Small and micro schemes (99 or fewer relevant* members)
January 2026 onwards
We recommend you use the staging timeline to identify when your scheme is due to stage. Work with your advisors to plan how you will comply with your staging obligations.
Consider if you wish to stage early and discuss with your advisors if they can support you in bringing your staging date forward.
You can also see the activity that the Pensions Dashboards Programme (PDP) will undertake in the coming months that will affect pension providers and schemes in our data providers timeline.
*relevant members includes both active and deferred members
How to improve data ahead of staging duties: find data
We have outlined the recommended steps to take to improve your data ahead of your staging duties, together with more information on the nature of find data.
What information do I need to provide: view data
The DWP consultation provides further information on what view information pension providers needs to supply to dashboards. In particular it provides further clarity on the value data that needs to be returned. We provide more information on view data and break down the requirements in our view data page.
How to connect to the ecosystem
We have set out the preparation stages and steps required to prepare to connect to the ecosystem on our steps to connection: connecting to the ecosystem page.
Thinking about the future
Connection is the first step on the pensions dashboards journey.
Dashboard readiness is not a one-off. Once you are connected and the link to dashboards is switched on, you’re always “on”. This means it’s essential to maintain data quality and be ready for further enquiries from dashboard users.
Once individuals have sourced their pensions information, or instructions to contact their providers in the case of a maybe match, providers may see an upturn in direct enquiries. It’s important to consider what the ongoing effects of dashboards might be on the demand on your services and time.
- DWP consultation on Regulations for pensions dashboards
- FCA consultation on proposed rules for pensions providers
- FRC consultation on proposed changes to the actuarial standard technical memorandum 1 (AS TM1)
- PASA data management
- PASA matching conventions in collaboration with PLSA and ABI and leading software providers