Pensions Dashboard
We shared an article about this in the 2023 edition of Digital Focus and we wanted to provide an update to you.
As previously advised, the Pensions Dashboard is an online tool where you will be able to view your pension benefits from multiple schemes in one place. This could help you to locate pension savings you’d forgotten about. This was due to go live in 2024.
In August 2023, the Department for Work and Pensions announced a delay to the date that all pension arrangements in the UK were to integrate with the Pensions Dashboard. Unfortunately, this has been delayed to 31 October 2026. Nonetheless, the Scheme is making good progress to prepare for the commencement of the Pensions Dashboard. You may not have to wait that long until you can use a Dashboard, but if you access one before that date, it won’t typically show all of your pensions, because not every scheme will have connected to the system.
It’s important to remember that the priority is to get things right. Trustees and administrators need to make sure that they hold the right data in the first place. Dashboard providers need to make sure that the information is displayed in the right way. And everyone needs to make sure that all of the interfaces and connections are in place so that when you log on, the Dashboard will be able to quickly and accurately find your pensions and show them to you.
XPS, our Scheme Administrator are making good progress with the necessary data checks and systems developments required to connect to the Dashboard ecosystem.
How can you help?
Dashboards will work by using your personal data to find your pensions, so it’s important that any pension schemes you’re in have the correct details on file for you. You can check that we have the right ones by logging on to MyPension, which is also a great way to keep on top of your pension planning.
In the meantime, you can use the Pension Tracing Service to check whether you have any pensions that you’d forgotten about. You’ll then be able to make sure that they have the right information for you so that those benefits show up when you use a Dashboard.
We’ll be in touch when more is known about how the Pensions Dashboard will work. It will be worth the wait – but it’s not too late to start planning for your financial future!