PASA has published new interim Guidance to help administrators, providers and service centres respond clearly and consistently to member enquiries about pensions dashboards.
The Guidance provides a practical set of frequently asked questions and suggested responses for use when speaking with members about dashboards.
As the industry moves closer to the launch of the government-backed MoneyHelper dashboard, members are expected to become increasingly aware of dashboards. The Guidance is designed to support simple, factual and consistent conversations. It covers common questions including who pensions dashboards are for, what information they’ll show, when they’re expected to be available, how saver data will be protected and how individuals can start tracing pensions now.
The Guidance should be treated as an interim resource and adapted by schemes, providers and administrators to reflect their own processes and the latest available information.
David Fairs, PASA Chair, said: “Dashboards will represent a major change in how people access information about their pension savings. While dashboards aren’t yet available to the public, awareness is building and some members are already starting to ask questions.
“It’s important the industry is ready to respond in a clear, consistent and helpful way. Members need straightforward explanations of what dashboards will, and won’t, do. They also need to understand dashboards are intended to help them find and view pensions information, not to make transactions or retirement decisions directly through a dashboard. This interim Guidance gives administrators, providers and service centres a practical starting point for those conversations.”
Shaily Sodha-Carr, Chair of PASA’s Engagement and Communication Working Group and Strategic Partner at Gallagher, said: “Good member communication will be essential to the successful introduction of pensions dashboards. The information people receive in the run-up to launch will shape their expectations and their confidence in using dashboards when they become available.
“This Guidance has been developed to support the front-line teams who are likely to receive questions from members. It provides simple suggested wording on key issues including security, what information dashboards will display, how savers can prepare and where they can go now if they want to trace pensions they may have lost touch with. As the programme develops, PASA will continue to monitor progress and update the Guidance where appropriate.”
The Guidance encourages savers to keep their personal details up to date with schemes and providers ahead of dashboards launch. It also signposts those wishing to trace pensions now to existing resources, including the government’s pension tracing service and National Pension Tracing Day resources.
The Guidance is available on the PASA website here.
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