Pension dashboards
The Department for Work and Pensions is creating a Pension Dashboard that will be free for all UK citizens to use to view their pension information securely, online and in one place, even if living abroad. We will be connecting to the MoneyHelper Pensions Dashboard, the Government's service managed by the Money and Pensions Service (MaPS).
All pension schemes in the UK, including the LGPS and FPS need to connect to the dashboard ecosystem to provide pension members information in a secure way. The project is being managed by the Pension Dashboard Programme, you can see all about them and the project at the Pension dashboard website here.
Why does the Government want to set up a Pension Dashboard?
The aim is simple, they want the pension industry to provide clear and simple information about an individual’s multiple pension savings, including their State Pension. They also want the industry to help people reconnect with any lost pension pots they have. And with over £31bn in unclaimed pension pots it's easy to see why.
When will it be launched?
Dashboards were planned to be launched in phases, or waves. However, in March 2023 a written ministerial statement was issued which shifted the timeframe further into the future.
The Pension Dashboards (Amendment) Regulations 2023, which came into force in August 2023 set out revised 'staging dates'. Public sector schemes like the LGPS must connect by 31 October 2025.
Do you need to do anything?
No you don't. For the time being it is up to schemes, administrators and employers to make sure that member data is accurate and up-to-date whilst the industry works on the technical and technological framework to deliver the dashboard.
Useful links
Pension Dashboards
