Today, regulations to enable millions of UK savers to access
their pensions information at the touch of a button have been
laid before parliament.
Marking another important milestone in the Department for Work
and Pensions’ (DWP) progress towards
making Pensions Dashboards a reality, the regulations outline how
pension schemes will connect to the dashboard ecosystem and what
providers must do to become a qualified pensions dashboard
service.
Pensions Dashboards will transform how savers access their
pensions facts and figures, allowing people to see what they have
in their various pensions – including their State Pension – in a
single place online, at any time they choose.
DWP Minister for
Pensions and Growth said:
We want people across the UK to have the support and information
they need to make informed choices about their financial futures.
Providing a convenient place for savers to access
their pension information – at the touch of a button
– will help people become better informed and more engaged
savers, and support them to plan more effectively for retirement.
Chris Curry, Principal of the Pensions Dashboards Programme,
said:
Pensions Dashboards will make a real difference to how people
view their pensions savings, and how pension providers and
schemes engage with their members and customers. There are now
just over 6 months until the first window opens for pension
providers and schemes to begin mandatory connection to the
dashboards ecosystem. Dashboards will soon become a reality, and
Government, the regulators and industry will work together to
make them a success.
Taking onboard feedback from industry, the DWP also announced
that the Dashboard Availability Point (DAP) will be announced 6
months in advance, giving time for industry to make final
preparations for the public launch of the service.
The building and initial testing of the digital dashboards
architecture is already well underway, with pension schemes being
urged to ensure they are “data ready” for the launch of Pensions
Dashboards.
2022 marks 10 years since the introduction of Automatic
Enrolment, and with a record number of British people saving for
retirement, and more people managing their finances online, the
need for Pensions Dashboards is stronger than ever.
Further Information
