Following its consultation earlier in the year, the FCA has published its final rules and guidance (PS22/12) requiring pension providers to provide and enable information about personal and stakeholder pensions to pension dashboards.
The rules require providers to:
- complete connection to the digital architecture operated by the Pensions Dashboard Programme;
- be ready to receive requests to find pensions, and search records for data matches; and
- be ready to return pensions information to the consumer’s chosen pensions dashboard.
The majority of firms must implement the new rules by 31 August 2023. However, providers with fewer than 5,000 pots in accumulation and that rely on a third-party integrated service provider must comply by 31 October 2024 (firms intending to use this later implementation date must notify the FCA by 30 April 2023).