Pensions dashboards promise to revolutionise how individuals manage their retirement savings by providing a one-stop platform for viewing all their pensions information. The first wave of pension schemes have already started connecting to the dashboards system set up by the Money and Pensions Service (MaPS). While dashboards won’t be publicly accessible just yet, schemes need to be ready to handle “find requests”, provide members with information via the dashboard and report to the Pensions Regulator and MaPS.
Connection timetable: what should trustees know?
Following a reorganisation of the dashboards programme in 2023, the new deadlines for connection kick-off on 30 April 2025, based on scheme size. Although not mandatory, the Government encourages adherence to this schedule to mitigate delivery risks and streamline industry capacity. Trustees should ensure they know their connection date and check they are on track to meet it unless there are exceptional circumstances. All schemes in scope must be connected by 31 October 2026 at the latest.
Trustees’ obligations after connection
After connection, trustees must comply with several requirements. These include keeping the scheme connected, responding to “find requests”, providing information via the dashboard, and reporting to the Regulator and MaPS.
Guidance available for trustees
The Pensions Regulator and the Pensions Dashboards Programme (PDP – the part of MaPS responsible for pensions dashboards) offer a wealth of guidance for trustees. This includes online tools and checklists, as well as data, reporting and technical standards. Trustees should ensure they are familiar with the Regulator’s guidance and that they (or their third party providers) are complying with all relevant standards.
Enforcing compliance: penalties at stake
Non-compliance won’t be taken lightly. Trustees can face fines of up to £5,000 for individuals and £50,000 for corporate entities – and these penalties apply to each instance of non-compliance. A compliance and enforcement policy has been published by the Regulator and trustees should ensure they understand this.
Dashboard operators: who’s at the helm?
The first dashboard, courtesy of MaPS, will be on the MoneyHelper site, although a launch date for public use has not yet been confirmed. Other entities will be able to develop their own dashboards at a later stage. However, operating a pensions dashboard is a regulated activity and will require authorisation from the FCA.
Taking action: a trustee checklist
With dashboards close to fruition, trustees should maintain their preparation momentum, focussing on the following actions:
- Ensure dashboards are on the agenda for board meetings.
- Confirm connection dates and check preparations are on track.
- Work closely with administrators and service providers.
- Update contracts with service providers and privacy notices to ensure compliance with data protection obligations.
- Register the scheme with MaPS.
- Ensure familiarity with information exchange processes and deadlines.
- Assess (and where necessary improve) data completeness, accuracy and digital accessibility.
- Stay updated on developments.
- Anticipate potential member queries.
Further details on dashboards and the actions trustees should be taking can be found in our latest edition of Trustee Agenda.
For further information, please contact:
Claire Collier, Linklaters
claire.collier@linklaters.com
