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LCP: Consultation response makes it clear that the industry will need to do the ‘heavy lifting’ on pension dashboards

Money jar with pension written on

Today the government released their response to the consultation on the draft Pensions Dashboards Regulations 2022. 

Aiden Coloe, Partner at LCP, commented: “The Consultation makes it clear that it’s the industry that will have to do the heavy lifting on dashboards and contains no material changes to the amount of work that will have to go into preparing for their implementation. We know that data is a thorny issue across the industry but it’s something that will have to be focused on by schemes in order to get dashboards up and running effectively.

We also note the Government still intends to allow data to be exported from dashboards to a less controlled and regulated space. We still have concerns about the impact of this on consumer protection and hope the FCA will ensure that this risk is mitigated against.

The proposed extension to the staging dates for public sector schemes is also significant. If this is delayed then it surely raises questions about when dashboards will be up and running for member use, which was previously expected to be Summer 2024.”

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