The Pensions Regulator (TPR) has today launched a new campaign urging pension trustees to prepare for their dashboard deadlines, with many still not ready for next year's phase-in period.
The UK's largest schemes are expected to connect to the dashboards system from June 2023, which will ultimately allow people to view all their pension savings in one place online.
However, TPR has found that 51% of defined contribution (DC) schemes, and 33% of defined benefit (DB) schemes, continue to hold at least some member records non-electronically, and that only 4% and 9%, respectively, have begun to digitise the information for dashboards.
In addition, just 37% of DC and DB schemes have discussed pensions dashboards at their scheme’s trustee board meeting, with only a similar proportion having engaged with their administrator about their scheme’s data.
TPR's new campaign warns that trustees are now at risk of failing to meet their legal pensions dashboards responsibilities.
“Pensions dashboards are a hugely innovative tool that will enable savers to see their pensions in one place,” said director of regulatory policy, analysis and advice, David Fairs. “It is a crucial step forward in helping savers to get to know their pensions, make good decisions and plan for the retirement they want.
“Pensions dashboards are coming. Trustees will have legal duties they must be ready for. We will take a dim view of trustees who carelessly fail to prioritise their dashboard responsibilities.”
To help trustees meet their duties, TPR has today published new guidance based on draft regulations recently consulted on by the Department for Work and Pensions.
The regulator said that robust and accessible data and fail-safe systems are essential to ensuring pensions dashboards offer savers the information they need to make informed decisions about their retirement savings.
Minister for pensions, Guy Opperman, said: “Clear pensions information at the touch of a button will ensure savers are better informed and more engaged and will help people plan more effectively for retirement.
“It's vital providers are preparing for their introduction and I urge them to take action now if they have not done so already.”
Image credit: iStock
Author: Chris Seekings