At long last, today sees the pensions dashboard regulations coming into force. Whilst it’s a landmark day and a welcome step forward, Aegon’s Head of Pensions, Kate Smith, warns that there is still a long road ahead commenting:
“Today is a pivotal day for pension dashboards as following years in the making the pension dashboard regulations become effective. These set out detailed information on how dashboards will work, including connection dates to the architecture, provision of ‘view’ data and compliance and enforcement. The largest pension schemes and providers will start to connect to the pension dashboard architecture from April next year, and the public will be able to start seeing their pension data on dashboards a year or two later. The pensions industry and regulators will undoubtedly learn a lot from those first schemes and providers, and hopefully share these learnings for the benefit of future schemes connecting to the pension dashboard architecture, while helping to inform the regulatory approach.
“However, we’re not there yet. There are a number of ongoing consultations from the FCA, Pensions Regulator and Pensions Dashboard Programme, and the outcome of these won’t be finalised until early next year. And there’s more to come, such as clarification around how dashboards will be launched to the public.”
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