Pensions providers will be compelled by legislation (the Pensions Dashboards Regulations 2022, for occupational pension schemes; FCA rules for providers of personal and stakeholder pensions) to compulsorily connect to the pensions dashboards ecosystem. This timeline represents an overview of the staging profile for when pension providers and schemes will need to connect.
Large pension providers (those with 1,000 or more active and deferred members) are in the first wave. The connection deadline for large master trust and most providers of personal pensions is the end of August 2023.
Next, money purchase schemes used for automatic enrolment (from the end of September 2023), and then non-money purchase schemes (from the end of November 2023). Both groups will be ordered by size. Public service pension schemes will be at the end of September 2024.
Medium sized schemes (with between 100-999 active and deferred members) will connect in a second wave, from the end of October 2024.
The legislation does not currently extend to smaller schemes. Further legislation is expected to extend compulsory connection to these schemes from 2026.