Pensions dashboard working group to help set minimum data standards

The Pensions Administration Standards Association (PASA) has created its Pensions Dashboard Working Group, which will help to set the minimum data standards for the pensions dashboard.

The Pensions Dashboard Working Group will work with The Pensions Regulator (TPR) to set minimum data standards for the pensions dashboard, ensuring that these standards are attainable for all pension schemes. The group will also examine how these data standards are promoted and monitored, and look at the costs and benefits of having a dashboard for pension schemes.

The Pensions Dashboard Working Group will work alongside the HM Treasury Dashboard Steering Group and the Project Group to ensure a cohesive approach.

Geraldine Brassett, director at PASA, will chair the Pensions Dashboard Working Group. She will be joined by members Chris Batts, My CSP; Chris Connelly, Equiniti; Ian Dack, Mercer; Shaun Bigg, ITM; Ian McQuade, Muse Advisory; Francesca Parnell, Allen and Overy; Sonya Purkayastha, Rothesay Life; David Rich, Accurate Data Services; Andrew Short, Capita Employee Benefits; Susan Sinclair, Hymans Robertson; Richard Smith, National Grid; and Lucy Stone, The Pensions Regulator.

The pensions dashboard is a platform that will enable savers to view all of their pension pots in one place, to help them more effectively manage their retirement income. The pensions dashboard aims to help release unclaimed retirement savings by linking individuals with pension pots they may hold with previous employers, but may be unaware of.

In the March 2016 Budget, the government confirmed its intention to ensure that the pensions dashboard is rolled out by 2019.

The pensions dashboard prototype is due to be unveiled in March 2017. 

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Brassett said: “The introduction of a pensions dashboard is at the heart of industry strategy to increase engagement with pensions and put scheme members in a position where they can easily identify all of their pension benefits and empower them to plan for [their] retirement in a much more practical and effective way. Getting member and benefit data right, and having the right technological solutions, is going to be absolutely essential to the member experience of [the] dashboard and, ultimately, dictate it’s long-term success.

“It is also vital of course that the scheme experience is also a good one in terms of cost and complexity. It is no exaggeration to say that [the] pensions dashboard could be a positive game-changer for pensions saving in the UK and, as such, at PASA we want to put the full weight of our expertise and support behind it. With the first prototype due to be ready in just a few months there are many challenges to be addressed, but we are dedicated to devoting our time and energy to helping administrators and schemes plan.”