Pensions - Articles - Pensions Dashboards steps to take the pain out of connection


As schemes across the industry move closer to connection, trustees are increasingly turning their attention to how best to prepare. LCP has published its latest thinking on how best to navigate what can be a complex situation.

 From their experience of leading on the connection of a large pension schemes, they believe that there are four steps that trustees should follow:

 • Set up a focused working group for larger or more complex schemes - establishing a dedicated dashboards working group early in the process is crucial. This avoids overloading already full trustee meeting agendas and allows decisions to be made more efficiently.

 • Governance documents are your friend - developing a central dashboards governance document that is kept updated between meetings to capture key decisions, actions and progress across workstreams like data cleansing and calculation readiness.

 • Communication and transparency underpin success - when working with more than one administrator, communication is key. Open lines of communication with straightforward meeting agendas, clear ownership of actions and a commitment to transparency, played a major role in the project's success.

 • Proportionality is key- being flexible and scaling the level of oversight to reflect project needs ensured the Trustee stayed informed without creating unnecessary work.

 Priya Patel, Associate Consultant at LCP, commented: “Dashboard readiness doesn’t have to be painful. With the right governance, tools and communication in place, schemes can manage the process efficiently. In our experience early structure and clear collaboration between all parties — no matter how complex the scheme’s setup — is key to getting dashboards connection right.”
   

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