In 2022 we held a client listening exercise with several of our clients to understand how they felt towards working with Assure UK but also to highlight any key topics arising within the pensions industry. Throughout the interviews a hot topic was the Pensions Dashboard.
What is the Pensions Dashboard?
The Pensions Dashboard is a system which allows individuals to access their personal pension information online in a secure manner which should allow individuals to be able to plan and prepare for their retirement.
Why introduce the Pensions Dashboard?
The Government have estimated that individuals may build up to 11 different pension pots during their working life and the information is currently not easily available.
Pensions can seem like a daunting and confusing area for the members. The Pensions Dashboard will simplify your pension needs and give you a better understanding of your pension pot. The Pensions Dashboard will hold information on all your pensions including the State Pensions you are entitled to.
Another benefit of the Pensions Dashboard is that you may have forgotten about a pension, and this will be available on the dashboard.
Not only can individuals access their pension information, the pensions dashboard will also enable advisers to help make decisions if they have been provided with access by the individual.
What should you be doing?
We all thought the deadline of 31 August 2023 was fast approaching however this has been delayed. It is still something you should be considering on how to implement and comply with the Pensions Regulators’ rules.
You should have already been having discussions with your administrators on how to become compliant and what areas you still need to overcome and resolve.
These issues could be time consuming to your key resources of the pension scheme and it is important to allocate resources ahead of time to meet the deadline.
Where your pension scheme only has between 100-999 members, you are not expected to be onboarded onto the Pensions Dashboard until 2024 and 2025. If this relates to your scheme, you have the time to get it implemented.
You may have constraints in place to not have access to the data which larger pension schemes do, and you should be able to work with your administrators to collate and present the correct information when preparing to onboard the Pensions Dashboard.
If you like more details on this topic, please get in contact with us.