UK pensions minister Paul Maynard has called on the pensions industry to get its data embedded ahead of the dashboard connection.
Addressing the audience at the Pensions and Lifetime Savings Association’s (PLSA) investment conference this week, Maynard said that dashboards will play a “critical” role in helping savers plan for their retirement.
He explained that dashboards will help people get information they need to plan for their retirement in advance.
He said: “I know that our collective commitment to delivering dashboards is shared across the pensions industry, so I urge all pension schemes and providers to get their data embedded ahead of the connection.”
The UK government formalised its intention to deliver the Pensions Dashboards Programme (PDP) through the Pensions Act 2021 and The Pensions Dashboards Regulations 2023. The legislation sets out the requirement for pension providers and schemes to connect to the dashboards ecosystem.
The first connection deadline was originally set for 31 August. However, it was delayed last year to 31 October 2026 after it became apparent that many firms were struggling to implement all the changes required of them without adequate guidance from the government.
Schemes have until 8 August 2024 to apply for deferred connection but will only be granted a delay if they have started a data transfer to a new administrator or recently entered into a new contract retendering the administration of the scheme – changing administrators alone is not a sufficient reason for deferring.
Maynard stressed: “Don’t wait for me to come knocking at your door. If I have to come to your door when it comes to dashboards, you will not enjoy the experience.”
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