Pensions - Articles - PLSA comment on Pensions Dashboard call for input

 Nigel Peaple, Director of Policy and Advocacy, PLSA, said: “The latest update from the Pensions Dashboard Programme (PDP) demonstrates that substantial progress is being made on this important initiative. Pensions Dashboards have the power to transform savers’ awareness of their pensions and ultimately lead to better retirement incomes.

 The consultation proposes that all large pension schemes should begin connecting to Pensions Dashboards during 2023 with a view to making the material available to savers at some point after that, perhaps in 2024 or 2025. Given the complexity of the task – something acknowledged by the PDP in their consultation – and the fact that we do not yet have complete certainty about the data requirements, it is today too early to assess whether this timeline is achievable. This is an issue we will be examining closely with our member pension schemes over the six weeks of the consultation period. The PLSA will, of course, be responding.

 “Whatever the final timescale for connection agreed upon, it is imperative that nothing is done to put at risk the pension savings of scheme members.

 “It is better to do it right, than do it quickly.”