In Q1 2022, the HMT published its first consultation paper containing the draft Pensions Dashboards Regulations 2022. This was followed by the Consultation Outcome paper in July and the launch of a second consultation that same month.
New Duties For Trustees And Scheme Managers
The Regulations set out new duties for Trustees and Scheme Managers of relevant occupational pension schemes and for the new pension dashboard services and providers.
The idea is to have a secure portal where savers can access all their personal information about their various pension pots.
This includes State Pension information, but it would exclude data relating to any pensions that are already being paid. Whilst the benefits are clear; this looks to be quite a challenge for Trustees and Scheme Managers.
Flexibility Of Pension Dashboards
The dashboards should allow savers to search all pension schemes to confirm whether they’re a member of any. In addition, it permits them to authorize a third party to view the data on their behalf.
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