Large FCA firms have to connect to the pensions dashboard ecosystem by today (30 April), unless they have arranged a later date with the FCA
Rachel Vahey, head of public policy at AJ Bell, comments:
“Getting pensions dashboards up and running has been a long-held dream of the government and pensions industry. Doing so will give people the ability to see all their pensions in one place at the touch of a button.
But implementing it is no easy task, with the project so far beset by delays and restarts. However, the hope is that we are now – albeit slowly – inching our way towards a launch date.
30 April 2025 is an important milestone in this journey. The biggest pensions schemes – large FCA firms, including some SIPPs, and the bigger master trust workplace pensions – are being asked to connect to the dashboard ecosystem by today. If they hit this deadline, this starts the process of making sure most people will be able to see all their pensions. Other smaller pension schemes and FCA firms are being asked to connect later on depending on their size.
But these are not all hard deadlines. Instead, The Pensions Regulator (TPR) is encouraging occupational pension schemes to meet these recommended dates. The worry must be that some will not make them, pushing connection out to later this year or next.
Once all pension schemes have connected, and the pensions dashboard has been thoroughly tested to make sure it’s giving people the right information in the right way, the DWP can set a launch date for the public. Though this isn’t expected to be until late 2026 or early 2027 at the earliest.
We still have a long way to go in the pensions dashboard journey, but it’s a prize worth pursuing. People need to plan and save for their financial later years. But no one can do that without clear, robust information. The dashboard will hopefully make a difference in giving people the confidence to face up to their pension planning and make decisions to secure a brighter financial future.”
