When launched, it will enable pension savers to view all their pension information in one place online – on their pension dashboard.
The project is expected to revolutionise the way savers plan for retirement and to encourage them to make the most of their savings.
It started in 2019 and work is still ongoing. The dashboard is expected to open in 2023, and works to return to business as usual not long after - from 2024. In their latest update which was released on 31 January 2022, the Department for Work and Pensions (DWP) published a new consultation which shone a light on a timeline for the launch of the Pensions Dashboard and a few more important updates.
Here’s what the consultation revealed about how the dashboard is expected to work and when pension savers will be able to use it.
Schemes will join in three waves
Although there is no confirmed launch date yet, the DWP has said the on boarding process will be staggered and pension schemes will join the dashboard in three waves. Large schemes will be the first ones to join between April 2023 and September 2024, followed by medium schemes between October 2024 and October 2025. The smallest schemes are expected to come on board from 2026.
The FCA will be the watchdog
The Money and Pensions Service (MaPS) has said it is currently working to deliver the digital architecture of the dashboards. As the project progresses, more operators will be needed to jump on board and help out. To do that, they will need to become a Qualifying Pensions Dashboard Service (QPDS). A QPDS will need to meet certain requirements and must get authorisation and be regulated by the Financial Conduct Authority (FCA).
You’ll be able to view your state pension from day one
All the information on your state pension will be available for you to view on your pension dashboard too. From the date you become eligible for the state pension - to the forecasted state pension amount - to the estimated amount based on your national insurance record – it will all be included.
Financial advisers will be given access to clients’ dashboards
Regulated financial advisers, guidance specialists and those considered by MaPS to be appropriate, will be granted access to their clients' dashboards. However, they’ll need to obtain permission in order to access client’s information. Pension savers will be able to remove advisers from seeing their dashboard at any time.
More information on the Pension Dashboards project is available at https://www.pensionsdashboardsprogramme.org.uk/
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