Pensions Dashboard Programme publishes update reportwritten by Bella Palmer
The latest update report confirms that the DWP is planning to consult on secondary legislation this winter on data requirements, staged onboarding, the compliance regime and consumer protection
The pensions dashboard is making good progress and set to go live in 2023. The Pensions Dashboard Programme (PDP) responsible for steering the project has published its fourth progress update report.
It sets out its activity over the last six months.
Aegon head of pensions Kate Smith commented that the programme is steadily making progress and that it is on good tracks to become a reality in 2023.
It’s come along way, but the next six months will be critical as the programme ramps up with testing, consumer research and working with the pension industry and other stakeholders, she added.
The Pension Schemes Act 2021 enables the Department for Work and Pensions (DWP) to compel schemes to release data to the pension dashboards.
The latest update report confirms that the DWP is planning to consult on secondary legislation this winter on data requirements, staged onboarding , the compliance regime and consumer protection.
Draft regulations are expected to be laid in parliament in 2022.
The Financial Conduct Authority (FCA) will also consult on similar rules for pension providers.
Smith said: The ambition is that the largest pension schemes and providers start to connect to the dashboard ecosystem in Spring 2023, all eyes will be on the consultations to see if this continues to be the ambition.
Having a pension dashboard will be a FCA regulated activity, as confirmed by the report. This means that any entity which wishes to operate a dashboard will need to obtain FCA authorisation to do so, she said.
She said: The FCA is expected to consult on the full regulatory requirements in 2022. Potential dashboard providers will be interested to see what they need to do before taking the leap.
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