Pension Dashboard Project Reset

What is a pension dashboard?

Pension dashboards are being developed to provide a convenient and accessible, online view of an individuals’ pension – this will show all of the pensions accumulated by any one person. According to a 2023 Mercia Group estimate ‘One in four people have lost track of at least one pension in the UK, with almost three million pension pots unclaimed.’ The pensions dashboard looks to completely eliminate this risk, proving extremely beneficial for pensioners, allowing you to access multiple pension pots, all in one place.

What was the reset?

Once it was made apparent that key milestones couldn’t be met, a ‘reset’ occurred in March, with a designated reset board and team being appointed to administer the process. This reset allowed for an opportunity for the pensions dashboard program to be reviewed and to enable future plans to be ‘reset’ accordingly. This review also allowed for gap analysis – confirming that all required resources are in place to enable the new deadline to be met, without delays arising from requests.

What deadlines are in place?

Following the pushback, a final connection deadline of 31 October 2026 has been put in place by the DWP (Department for Work and Pensions). This sets out the requirement for pension providers and schemes to connect to the digital architecture by this date. It is believed, however, by the government and the PDP (Pension Dashboard Program) that online use will be made available for public use prior to this deadline.

What are the potential issues with extending the deadline?

There are mixed opinions with what this extension could bring about and how it could affect the final product. It’s thought by many, that the end result will be enhanced by this extension, as a result of the additional time which can now be applied into ensuring accuracy and implementing data. This can also provide the many parts of the pension industry who were struggling to reach deadlines a relief with this opportunity to catch up and fill any gaps.

On the other hand, this delay could cause a large disruption in the current momentum and progress being made – in 2023, as reported by Mercer actuary and principal, Mark Woodward, many larger pension schemes have continuously made good progress on pension dashboard projects.

If you would like to discuss more about the Pension Dashboard, or any other topics related to your pension scheme, the team at Assure UK is here to help.

Call: 020 7112 8300

Email: info@assureuk.co.uk

Additional, helpful information

Here are links to topics related to the Pensions Dashboard that you will find useful:

The Pensions Dashboard is coming but when?

The Pension Landscape: A Thorough Overview of the Pensions Dashboards Programme

Pensions Dashboards: Are you Connection Ready?

Pension Scheme Audits: What you need to know.