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.