Yesterday the Pensions Regulator (TPR) released an article highlighting the difficulties of tackling substantial projects and specifically addressing the preparation for implementing pensions dashboards.
Pensions dashboards represent an innovation in the pension system, aiming to enhance user experience and safeguard savers. Although there is a structured timetable for connection, adequate preparation is essential.
To simplify the overwhelming task, a preparation checklist has been introduced by TPR. This tool enables schemes to collaborate effectively, breaking down complex tasks into manageable steps.
The checklist emphasises the significance of accurate data, outlining key actions such as understanding the personal data from dashboards and planning improvements.
By utilising the checklist, schemes can ensure their data is precise and benefit from the positive outcomes beyond pension dashboards. The checklist assists schemes in visualising their goals and provides a structured approach toward achieving them. Trustees and managers have new legal responsibilities under dashboard regulations and the checklist aids them in fulfilling these duties.
Downloading and utilising the checklist is a step-by-step approach toward meeting connection deadlines and ensuring the success of pension dashboards implementation.
Download TPR checklist here.