Parliamentary Under-Secretary of State for Pensions and Financial
Inclusion (): Pensions dashboards will
allow individuals to view information about their pensions,
including State Pension, in one place online. This will put
savers in control and help reconnect them with their lost pension
pots - for example, where a pension scheme has lost contact with
a member - transforming how consumers think and plan for their
retirement.
The Pensions Dashboards Programme, under the supervision of the
Money and Pensions Service, is responsible for delivering the
digital architecture which underpins pensions dashboards. The
project is a significant undertaking, requiring the development
of new technology that will permit individuals to find their
pensions by searching thousands of pension schemes which
collectively hold millions of pensions records. The first
connection deadline is currently 31 August 2023. However,
additional time is required to deliver the complex technical
solution to enable the connection of pension providers and
schemes, in accordance with the connection deadlines set out in
the Pensions Dashboards Regulations 2022 and the Financial
Conduct Authority’s corresponding pensions dashboard rules for
pension providers. More time is needed to deliver this complex
build, and for the pensions industry to help facilitate the
successful connection of a wide range of different IT systems to
the dashboards digital architecture.
Given these delays, I have initiated a reset of the Pensions
Dashboards Programme in which DWP will play a full role. The new
Chair of the Programme Board will develop a new plan for
delivery.
The framework set out in the Regulations for pensions dashboards
remains fit for purpose. DWP will legislate at the earliest
opportunity to amend the timing of these obligations to provide
clarity to schemes. We will ensure that the pensions industry has
adequate time and the necessary technical information to prepare
for any revised connection deadlines. I will provide a further
update to the House before summer recess.
Pensions dashboards will be a vital tool to help savers plan for
their retirement and the Government remains thoroughly committed
to their delivery. I know this commitment is shared across the
pensions industry. The huge consumer benefits of pensions
dashboards are yet to be realised, but it is vital that the
foundation upon which the dashboards ecosystem is built is safe,
secure, and works for both the pensions industry users connecting
to it and the end users of the service. While there are issues to
work through, we must not lose sight of these benefits. It is
essential that scheme preparation for pensions dashboards
continues, and we will press ahead to deliver this technology.
