The Government has committed to introduce a Pensions Dashboards scheme but the complexity of introducing such a comprehensive and new way of improving access to pensions information has meant that it has taken some time to be developed.
Pensions Dashboards will be an electronic communications service, that will revolutionise the way people interact with their pensions by allowing people to see their pensions information, including the State Pension, in one place online – at the touch of their laptop, smartphone, or tablet. Dashboards will help people to be reunited with lost pensions and support people in better planning for their retirement.
Earlier this year, there was a further consultation on the technical details for the schemes and Richard recently sat on the committee which introduced the Pensions Dashboards Regulations 2022. This now enables the Pensions Dashboards to move to the next stage of digital infrastructure development. More than 20 organisations are working with the programme providers as early participants and they are supporting the testing of the programme.
Following the introduction of this next stage in the legislation, Richard said: "I was pleased to be part of the committee which considered the draft Regulations which enable the next phase of the Pensions Dashboards to begin. Since the introduction of Automatic Enrolment, millions more people are saving for a pension. An increasing number of people not only have sums in different pension pots rather than just one but some people also lose track of them over their working lives. This scheme will play a vital role in connecting people with their pensions, making information more readily accessible and will make planning easier. 2023 will see the first group of pension providers and schemes begin the process of compulsory connection to the dashboards and I look forward to seeing more progress on this innovative plan."
The recent consultation on the scheme and information about the introduction of the Regulations this week can be found here: Pensions dashboards: further consultation - GOV.UK (www.gov.uk) and Pensions Dashboards: guidance on deferred connection - GOV.UK (www.gov.uk)
