Pensions Dashboard

Monday 25th March 2024 Written Statements

[The Parliamentary Under-Secretary of State for Work and Pensions (Paul Maynard)]

The success of automatic enrolment has led to record numbers of people saving for retirement. Pensions dashboards will allow individuals to view information about their pensions, including their state pension, for free, in one place online. This will help individuals’ awareness and understanding of their pension information and estimated income in retirement, building a greater sense of individual control and ownership.

Since the reset was initiated last year, the pensions dashboards programme has made significant progress on building and testing the system that will enable pensions dashboards to work. Subject to satisfactory testing, the programme plans to begin the process of connecting the organisations building a direct connection, including the Department for Work and Pensions state pension, from August 2024. Connection testing will then continue to ensure readiness to support wider industry connection from early 2025.

The Secretary of State for Work and Pensions will today publish guidance setting out a staged timetable for connection. This will help smooth the process of connecting the approximately 3,000 pension schemes and providers in scope by the connection deadline of 31 October 2026. The timetable prioritises connection of the largest pension schemes and providers, so that crucial user testing can quickly take place at scale, with the first cohort expected to have completed connection by the end of April 2025. While the timetable is not mandatory, it is a legal requirement that trustees or managers of occupational pension schemes and providers of personal and stakeholder pensions have regard to this guidance.

The Government are absolutely committed to delivering pensions dashboards safely and securely to the public at the earliest opportunity. The publication of the connection timetable marks a significant milestone towards launching pensions dashboards, and takes us closer to introducing a service that has the potential to transform how individuals plan for retirement.

[HCWS381]