PASA has published new dashboards toolkit Guidance on reporting on Post Use Member Behaviour.
The Toolkit has been developed in conjunction with the Pensions Regulator (TPR) to help trustees, scheme managers, administrators and providers understand how member behaviour changes once pensions dashboards become available. It builds on PASA’s recent Compliance Monitoring Guidance, which focuses on the monitoring required under the dashboards regulations and how trustees can demonstrate they’re meeting their regulatory duties. We’re grateful to TPR for reviewing and providing feedback during the development of this Toolkit.
While compliance monitoring remains essential, schemes will also need to understand the wider operational and behavioural impact of dashboards.
The Toolkit outlines a range of reporting measures which schemes and administrators may wish to consider, including changes in completed transfers, transfer quotations, retirement settlements, retirement quotations, transfers in, member enquiries, fraud cases and engagement from vulnerable members. It also considers whether this information is likely to be available through existing reporting and suggests additional data which could provide further insight.
David Fairs, PASA Chair, commented: “Dashboards will be a major step forward in helping members engage with their pensions, but connection and compliance are only part of the story. Once dashboards are live, the industry will need to understand how members respond, what questions they ask, and whether any changes are needed by administrators, trustees or, at a scheme-wide level, regulators.
“This Toolkit is designed to help schemes and administrators think ahead. Much of the information may already be captured through existing governance reporting, but a more consistent approach across the industry will help build a clearer picture of dashboards’ impact over time.”
Maurice Titley, Chair of PASA’s Dashboards Working Group, said: “Dashboards should make pensions more visible and accessible for members. That increased visibility may lead to more enquiries, more transfer or retirement activity, more updates to member details and, potentially, more demand on administration teams.
“The aim of this Toolkit is to help the industry monitor those changes in a proportionate and practical way. By identifying useful measures now, schemes and administrators can better prepare for the operational impact of dashboards and provide trustees with clearer, more meaningful reporting.”
Geraldine Brassett, Deputy Chair of PASA’s Dashboards Working Group, added: “Consistent reporting will be important in understanding whether dashboards are meeting their objectives and where members may need additional support. It will also help identify common themes, such as areas of misunderstanding, possible scam risks, vulnerable member engagement and the treatment of members who may previously have been considered ‘lost’.”
Lucy Stone, Policy Lead for Pensions Dashboards, TPR added: “Dashboards have the potential to revolutionise member engagement with their pensions. Monitoring people’s actions after they have used a dashboard will help schemes to understand if any changes are needed to their administration and member engagement strategies. We welcome PASA’s Guidance in supporting industry to do this consistently.”
The Toolkit highlights the importance of using existing reporting wherever possible and developing any additional reporting proportionately, based on scheme type, benefit structure and available data.
PASA’s Dashboards Toolkit: Post Use Behaviour is available on the PASA website here.
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