The Department of Work and Pensions (DWP) is consulting on proposals to create an industry-led system of multiple dashboards which will allow millions of people to access their pension facts and figures from most pension schemes in one place online.
The government is proposing that the Single Financial Guidance Body (which will replace the Money Advice Service, the Pensions Advisory Service and Pension Wise; and launch services to the public from January 2019) facilitate the creation of the dashboard framework. In addition, the government stated that it will seek to legislate to compel pension schemes to provide their data for dashboards.
Depending on the outcome of the consultation, the DWP expects that some schemes (such as Master Trusts) will be able to supply data to dashboards on a voluntary basis from 2019/20. The majority of eligible schemes should then be able to supply their data to dashboards within three to four years after the first public facing dashboards are introduced.
The consultation closes on 28 January 2019.