PASA today published initial Guidance on the choice of data matching convention (DMC) schemes must make ahead of their compliance with the upcoming pensions dashboards legislation.
Originally announced at the end of July, the PASA DMC Guidance (updated August 2022) has industry-wide support, including from the PLSA, the ABI, and a dozen leading suppliers of pensions administration software. The Guidance details how every pension scheme must choose how they wish to compare ‘find requests’ from dashboard users against the member records they hold. Trustees’ choice of matching will depend on the accuracy of the personal data they hold on their scheme, across all of their deferred and active member records.
DWP will shortly consult on draft dashboards regulations, and PDP is commencing its alpha build and test phase. Both will lead to further learnings, and supplemental PASA Guidance will follow in 2o22.
Kim Gubler, PASA Chair, said: “As the pensions industry’s administration standards body, it makes sense for PASA to lead on helping schemes decide how wish to match their records to the users of pensions dashboards. We’re grateful for the industry-wide support for the PASA DMC Guidance and will continue to work hard to deliver practical support for schemes’ compliance, so that members have a good experience of dashboards.”
Chris Connelly, EQ Solutions Director and Chair of the PASA Pensions Dashboards Working Group, said: “This initial guidance is essential reading for all scheme trustees, pension providers and their suppliers. It is easy to sit back and wait for everything to be decided, but in truth, the scale of the job at hand means we must make an early start. Whilst it is true we do not yet know everything, we do know plenty to get started. My thanks to everyone in the working group and our partners across industry in producing this first draft. I look forward to being in the conversations this document should start.”