The new compulsion duties will apply to different schemes in stages, with the largest schemes expected to be in the earlier stages in order to maximise early participation. Large defined contribution schemes are expected to be among the first. Early voluntary participation is also an option. The Government is working towards including State Pension data in dashboards at the earliest possible opportunity too.
We've pulled together some provisional dates - these are just our ideas - no formal dates have been set just yet.
Late 2019 - the Government plan to introduce a Pensions BIll, which will include dashboard compulsion provisons. This will become Pensions Act 2020. Around 2021 - Regulations will then define exactly what schemes must do, the date they'll need to comply and which schemes and providers must comply. It'll likely include rules about whether small schemes will be exempt. Around 2022 - We think the compulsion "window" is likely to start. 2022 to 2024 - We believe there'll be a phased compulsion window of at least two years.
We're actively contributing to the thinking around pensions dashboards - we'll be updating here regularly on the latest position, and expert views on what it means for you.
In the meantime, take a look at our data services to see how you can prepare early.
MAPS is convening a delivery group of experts to deliver the dashboards ecosystem
Behind dashboards, a whole "ecosystem" of different technology components must work together within a sophisticated digital architecture. The Money & Pensions Service (MAPS) is recruiting experts to form a delivery group to define, develop or procure all these components. Chris Curry has been appointed Principal (or Chair) of the Group with Angela Pober as Implementation Director.
We were a key partner in the 2017 dashboard prototype project, so we know that getting dashboards to work will require technical collaboration across the whole pensions industry. To lead this industry-wide collaboration the MAPS deliver group will be focussed on:
We're actively contributing to these discussions as MAPS establishes the delivery group.
Following the appointments of the Principal and Implementation Director, the aim now is for the delivery group to be operational by the end of the summer of 2019. Check back here regularly for the latest updates and expert views on what it means for you.
Regulators will monitor schemes' exposure of data and dashboards' protection of it A set of detailed data standards will be established and must be adopted so that pensions can be found securely and consistently. Regulators will monitor schemes' exposure of data and the dashboards' protection of it. The industry must work closely with the delivery group and regulators to agree the necessary data standards. It’s likely that the initial data requirements will be small but grow over time. Similarly, dashboard functionality will start with a simple "find and show" service, but is expected to develop over time, with changes to the data standards as appropriate. As the UK’s leading pensions data specialists, we’ve been at the heart of the detailed data discussions so far. We’ll continue to work very closely with both industry colleagues and regulators as the data standards are agreed. What’s next? Industry-wide discussions on dashboard data standards are continuing and will have renewed impetus once the MAPS delivery group is operational in late summer 2019. We'll be updating here regularly with the latest position and expert views on what it means for you.
Pensions schemes and providers can get ahead by attending to data quality issues now
Data quality analysis or cleanse work already underway, or planned, will stand schemes in good stead prior to dashboard compulsion. There'll also be an opportunity to participate early on a voluntary basis.
The Money & Pensions Service’s delivery group will be planning the dashboard roadmap in detail. We expect user testing to be undertaken in 2019 and 2020, where details about the dashboard data requirements will become clearer.
What you can do now
You don’t need to wait until then. All data quality analysis and cleanse work will enable you to get ahead, preparing you for participation with the dashboards.
Schemes are likely to rely heavily on their in-house or third-party administrators to help them comply. Engaging early with administration software suppliers to understand their plans for supporting clients with dashboard compliance is prudent.
If you’re ready early, voluntary participation may be an option you’d like to consider – it’ll be a great chance to help influence the shape of the overall ecosystem, and the underlying data standards, for the eventual benefit of all UK citizens.
What’s next? We already help many clients with their pensions data challenges – with analysis, reporting, cleansing and migrating data. We can help you too.
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