The pensions dashboards initiative is a complex, long-term, development for UK pensions.
By introducing multiple pensions dashboards, and the underlying technology ‘ecosystem’ which supports them, the Government is aiming to increase people’s connection to, awareness of, and involvement with their different pensions. Note: this doesn’t cover pensions already in payment.
Choice of dashboard
People will use an app or website of their choice which offers a dashboard. These will easily and securely enable people to find and view their different pensions together (including their State Pension, but not pensions already in payment). This will help support people’s planning for their retirement and help grow their financial wellbeing.
For dashboards to be successful, many parties must work collaboratively together, including:
- data providers, i.e. trustees, scheme managers and pension providers who are required by law to provide data to the dashboards ecosystem, and the parties who support them including pension administrators and integrated service providers (ISPs)
- the various different providers of commercial dashboards and the Government-provided MoneyHelper dashboard from the Money and Pensions Service (MaPS)
- the different components of the Central Digital Architecture (CDA)
- the Pensions Dashboards Programme (PDP) (who are responsible for the components of the CDA)
- The Pensions Regulator and the Financial Conduct Authority
The breadth and depth of PASA membership, knowledge and expertise means we are well placed to support this initiative, in particular in relation to the administrative requirements and impacts.