What Do You Really Know About Pension Dashboards?

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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Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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