- Large FCA firms have to connect to the pensions dashboard ecosystem by today (30 April), unless they have arranged a later date with the FCA
- AJ Bell has completed its connection to the pensions dashboard
- Occupational pension schemes with 20,000 or more members have also been asked to connect by 30 April, with other occupational pension schemes to connect by later dates depending on their size
- The final date for all pension schemes to connect is 31 October 2026
- Public sector pension schemes are asked to connect by 31 October 2025
- Testing with the public is expected to start later this year, but the public launch date has not yet been set
- Pension schemes must connect to the dashboard ecosystem to be able to respond to dashboard user queries regarding whether they hold information about them, as well as provide data on their pension with the scheme
Rachel Vahey, head of public policy at AJ Bell, comments:
“Getting pensions dashboards up and running has been a long-held dream of the government and pensions industry. Doing so will give people the ability to see all their pensions in one place at the touch of a button.
“But implementing it is no easy task, with the project so far beset by delays and restarts. However, the hope is that we are now – albeit slowly – inching our way towards a launch date.
“30 April 2025 is an important milestone in this journey. The biggest pensions schemes – large FCA firms, including some SIPPs, and the bigger master trust workplace pensions – are being asked to connect to the dashboard ecosystem by today. If they hit this deadline, this starts the process of making sure most people will be able to see all their pensions. Other smaller pension schemes and FCA firms are being asked to connect later on depending on their size.
“But these are not all hard deadlines. Instead, The Pensions Regulator (TPR) is encouraging occupational pension schemes to meet these recommended dates. The worry must be that some will not make them, pushing connection out to later this year or next.
“Once all pension schemes have connected, and the pensions dashboard has been thoroughly tested to make sure it’s giving people the right information in the right way, the DWP can set a launch date for the public. Though this isn’t expected to be until late 2026 or early 2027 at the earliest.
“We still have a long way to go in the pensions dashboard journey, but it’s a prize worth pursuing. People need to plan and save for their financial later years. But no one can do that without clear, robust information. The dashboard will hopefully make a difference in giving people the confidence to face up to their pension planning and make decisions to secure a brighter financial future.”
Background
What are the pensions dashboards?
The pensions dashboards will allow people to see details of all their pension plans in one place – including both state pension and private pensions. It will show which scheme or provider the pension is with, including contact details, as well as both the current value of the pension and what income it could provide at retirement age.
Initially, people will be able to access this information by viewing a dashboard offered by MoneyHelper, part of the Money and Pensions Service (MaPS). In time, it’s expected other companies – for example a pension provider, employer or bank – will also be able to offer a pensions dashboard.
Users will have to enter some personal information, including name, address and date of birth. Once the dashboards ecosystem has this information it will check with most of the pension schemes in the UK to see if they have information for this person, and then show the individual what pension information it has gathered.
Who is building pensions dashboards?
The Department for Work and Pensions (DWP) has given the Pensions Dashboards Programme (PDP) – part of MaPS – the job of designing and implementing the central digital architecture that will make pensions dashboards work. The PDP is also responsible for developing standards on how pension schemes connect to the pensions dashboards and how they show the information to people.
What is the connection timetable?
The majority of pension schemes have to ‘connect’ to the pensions dashboards to be able to share details of their members’ pensions. (Only very small schemes with less than 100 members are currently exempt.) All pension schemes have to connect by 31 October 2026 by the latest. But the DWP has published a connection timetable as guidance for schemes giving earlier dates for connection. This is to stop a large number of pension schemes all trying to connect at the same time, which would be disruptive for the overall project.
The first guidance connection date is 30 April 2025. This is for large firms that offer personal pensions (including SIPPs) and very large master trusts. The timetable then sets out several later dates for gradually smaller and smaller pension schemes.
Pension schemes have to make decisions about when they will connect to the pensions dashboards by looking at these guidance connection dates. If they choose a different (later) connection date then the regulators – either TPR or the FCA – may investigate and want to know the reason why.
When can people view pensions dashboards?
The DWP will set the launch date of the pensions dashboards once it is sure enough pension schemes have connected to the dashboard, and an individual has a very high chance of seeing all their pensions when they access the dashboard. If the ‘coverage’ of pension records isn’t high enough, the danger is people will lose confidence in pensions dashboards if they request details but aren’t shown all their pensions.
The pensions dashboard also has to be working efficiently, be easy to engage with and the information given simple to understand.
What is the FCA’s role?
Although MoneyHelper will offer the first dashboard, in time other companies will also be able to offer a commercial dashboard.
Offering a commercial dashboard is a permitted activity, meaning firms need to be regulated by the FCA as a pensions dashboard service (PDS) firm to do this. The FCA has designed the regulatory framework – the rules those PDS firms have to comply with. This includes the warnings and messages the customer will receive when they both go onto and exit the dashboard. It also includes the rules on how what they can do with the ‘view data’ detailing their pension pots – whether they can send it back to themselves or others, including financial advisers and the PDS firm.
