As automatic enrolment brings more people into pension saving, the need for savers to access a comprehensive view of their retirement pots becomes increasingly important. To support this vision, pension schemes must be ready to meet their obligations regarding pensions dashboards.
Yesterday, in an interesting article called “Act now on pensions dashboards so we don’t have to” The Pensions Regulator outlined clear expectations for trustees and scheme managers on compliance, emphasising the importance of accurate data and timely preparation. As highlighted in the article, by taking the necessary steps now, schemes can avoid regulatory enforcement and help savers secure their financial future.
Here are some key actions for trustees and scheme managers:
Read the guidance: Understand and comply with both The Pensions Regulator (TPR) and Department for Work and Pensions (DWP) guidelines.
Plan connection: Ensure timely and orderly connection to pensions dashboards, reducing risks of non-compliance and reputational damage.
Manage resources: Implement robust controls and contractual agreements with service providers.
Improve data quality: Continuously review, improve, and maintain accurate member data.
Manage risk: Identify, evaluate, and mitigate risks through effective governance and controls.
Maintain records: Keep clear records of decisions, advice, and data-related actions.
Report breaches: Promptly report and address any breaches to prevent regulatory enforcement.
Monitor progress: Work closely with third parties to ensure compliance and meet dashboard deadlines.
If you have any questions or need assistance with implementing these actions, please feel free to contact us for support.
HPW