Three more major pension providers have confirmed successful connections to the pensions dashboards ecosystem, as staging deadlines approach and regulatory scrutiny intensifies.
Testing of the MoneyHelper Pensions Dashboard will run until 2027, according to the Pensions Dashboards Programme, with up to 20,000 people expected to participate over the course of the project.
With connection deadlines coming and going and many organisations already linked up, independent consultant Richard Smith assesses the government’s progress on dashboards and looks at what is still left to do to make them a reality.
Private sector pension schemes with more than 5,000 members and auto-enrolment DC schemes with more than 1,000 members should all be connected by the end of this month.
The Department for Work and Pensions has set out a series of connection deadlines for pension schemes and providers depending on size and type. The deadlines are at the end of each month until 31 October 2026, by which point all eligible pension schemes should be connected.
Around 90% of pension scheme memberships could be connected to the pensions dashboards ecosystem by the end of this year if the current schedule goes to plan.
The government will today introduce the much-anticipated Pension Schemes Bill to parliament, setting the stage for a wide-ranging and ambitious overhaul of workplace pensions in the UK.
It was all smiles in central London earlier this week as senior executives and government officials met to sign the Mansion House Accord, writes Pensions Expert editor Nick Reeve.
The Pensions Administration Standards Association has issued advice to trustees dealing with multiple administrators while connecting their pension schemes to the pensions dashboards system.
Standard Life, Aegon and Moneybox have all announced their successful connection to the pensions dashboards ecosystem ahead of the launch of the government-backed MoneyHelper dashboard later this year.
As the first deadline for connection to the pensions dashboards ecosystem passes, new research shows that almost a third of pension schemes are expecting a surge of activity in the first month once dashboards go live.