The key pieces that will allow pensions dashboards to become a reality are finally coming together, albeit slowly and later than many had anticipated after the DWP called a halt to proceedings last spring.
The recently published connection timetable is the first step in this rejuvenated process. But this timetable is only guidance, not legislation; the DWP cannot force schemes to connect by these dates. However, both The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) will want to see schemes demonstrate how they have considered this guidance in their business decisions or else they may be brandishing an enforcement stick.
Pensions dashboards have the potential to help millions of people better engage with their retirement pots. Once they have a complete picture of their pension wealth, people will be in a better position to make important decisions such as whether to contribute more, combine pensions into one, or when and how to access their fund(s).
Despite this progress, it remains unclear when pensions dashboards will launch to the public. DWP plans on setting a date only when it is confident a very high percentage of people’s pension records can be found, and once the dashboards are working well. Otherwise, it risks the project falling flat on its face if not enough people can find all their pensions, undermining public confidence.
With pensions dashboards now a step closer to becoming reality, it’s worth taking a step back and considering what we know, and what we don’t know.
What are pensions dashboards?
Pensions dashboards will allow people to see details of all their pension plans in one place – including both state pension and private pensions. It will show which scheme or provider the pension is with, including contact details, as well as both the current value of the pension and what income it could provide at retirement age.
People will be able to view this information by accessing a dashboard offered by either the Money and Pensions Service (MaPS) or another company, for example a pension provider, employer or bank. They will have to enter some personal information, including name, address and date of birth. Once the dashboards ecosystem has this information it will check with most of the pension schemes in the UK to see if they have information for this person, and then show the individual what pension information it has gathered.
Who is building pensions dashboards?
The DWP has given the Pensions Dashboards Programme (PDP) the job of designing and implementing the central digital architecture that will make pensions dashboards work. The PDP is also responsible for developing standards on how pension schemes connect to the pensions dashboards and how they show the information to people.
What is the connection timetable?
The majority of pension schemes have to ‘connect’ to pensions dashboards to be able to share details of their members’ pensions. Only very small schemes with less than 100 members are currently exempt. All pension schemes have to connect by 31 October 2026 at the latest. But the DWP has published a connection timetable as guidance for schemes giving earlier dates for connection. This is to stop a large number of pension schemes all trying to connect at the same time, which would be disruptive for the overall project.
The first guidance connection date is 30 April 2025. This is for large firms that offer personal pensions (including Sipps) and very large master trusts. The timetable then sets out several later dates for gradually smaller and smaller pension schemes.
Pension schemes have to make decisions about when they will connect to the pensions dashboards by looking at these guidance connection dates. If they choose a different (ie later) connection date then the regulators – either TPR or the FCA – may investigate and want to know the reason why.
When can people view pensions dashboards?
The DWP will set the launch date for pensions dashboards once it is sure enough pension schemes have connected and an individual has a high chance of seeing all their pensions when they access their chosen dashboard. If the ‘coverage’ of pension records isn’t high enough, the danger is people will lose confidence using dashboards if they request details but aren’t shown all their pensions.
It is also vital people have a positive experience when using dashboards, meaning the design will need to be intuitive and the information presented in a way that is easy to digest. Failure to properly road test dashboards ahead of launch with consumers would risk negative user experiences and potentially damaging headlines.
Rachel Vahey is head of public policy at AJ Bell
