Data providers:

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:

Wave 1

Large schemes (1000+ relevant* members)

April 2023 – September 2024

Wave 2

Medium schemes (100 to 999 relevant* members)

October 2024 to October 2025

Wave 3

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.

View data providers timeline

*relevant members includes both active and deferred members

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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.

View find data  
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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.

View view data  
 

Understanding dependencies

Your journey to connecting to the dashboards ecosystem will involve more than one organisation. Start by identifying who you will need to engage with in your preparation. Typically this will involve your pension administrator (in-house or third party) and/or your system software provider.

It could also include external data suppliers, for example, additional voluntary contribution (AVC) providers, where you do not hold full details of the AVC entitlement with the main scheme information. Consider how you will work with these third party suppliers to provide information to dashboards.

If you have data missing, or lower levels of automation, you could consider what types of resources you might need to help you fill gaps or raise the levels of automation. There are different types of data required for dashboards and you will need different people, skills or third-party suppliers to help. How long you need to get ready will depend greatly on the amount of work to be completed AND the availability of the resources to do it.

 
 
 

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.

View connect to the ecosystem

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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.

Useful resources

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