In our ever changing pension landscape, the introduction of the Pensions Dashboard is at the heart of the strategy to increase engagement with pensions and to put scheme members in the position where they can easily identify all their pension benefits and plan their income for retirement.
For the dashboard to be successful however, not only do we need technology solutions but also for administrators to work with dashboard providers to make data available and for that data to be of good quality.
At PASA we recognise the importance of the role that third party administrators, software suppliers and in house schemes have in the delivery of the pensions dashboard and believe we are uniquely placed to provide help, input and thought leadership to this initiative especially in relation to defined benefit schemes.
The PDWG was established to work with HMT and other stakeholders as they develop the Dashboard solution.
The PDWG focused initially on the data required for the Pensions Dashboard in respect of both identifying the member and the data that is then visible to them. This led to the set up of separate Data Working Group and Data Guidance.
The breadth and depth of PASA membership, knowledge and expertise means that we believe we are well placed to provide support to HMT in relation to the administrative requirements in relation to the introduction of dashboard.
The objective of the Pensions Dashboard Working Group is to provide support and input to Her Majesty’s Treasury (HMT) on the following aspects of the implementation of the Pensions Dashboard:
1. Data including:
- Minimum requirements to access the Dashboard
- Optimal criteria
- False positives and false negatives
- Minimum data requirements for dashboard
- Legacy data issues
- Interaction with the Pension Regulator’s existing record keeping standards
- Preparatory data work
2. Benefit projections (valuations)
- Data requirements
- Consistency of language
3. Administrative issues
- Interaction with existing provider web offerings
- Untraceable members
- Existing contract terms
- Interaction with Trustees
- Management of costs
- Administrator best practice
The group is currently waiting for further updates from HMT and stakeholders before Guidance can be produced.
Tracy Weller (Board Sponsor)