The Pensions Dashboards Programme
The Pensions Dashboards Programme was created by the Money and Pensions Service (a body sponsored by the Department of Work and Pensions), to allow individuals to access all their separate pensions information securely in one place.
This ambitious scheme has been designed to boost consumers' engagement with pensions and make it simple for them to connect with lost pensions pots.
Pensions dashboards will enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing
Pensions Dashboard Programme
The Pensions Dashboards Programme will create a central ecosystem for pension schemes and providers to connect to, with compulsory onboarding to the dashboards due in 2023.
As members of the software providers working group since June 2020, Heywood Pension Technologies have been able to provide feedback and influence the data standards, definitions and what key data items should be used to match members to their schemes.
Following the start-up stage, Heywood was announced as an alpha provider in the Pensions Dashboards Programme’s test phase and we are working closely with the programme to start bringing our solutions to life.
Schemes will need to get their data ready for the Pensions Dashboards and be ready to onboard to the central ecosystem from 2023. Heywood is offering a range of solutions to help make Pensions Dashboards simple for all schemes – regardless of their pensions administration platform.
Our Data Readiness service will offer an end-to-end service to ensure that your data is ready for the Dashboard. Our service will provide an in-depth analysis of your data, identifying areas where corrections are needed, or data is missing. To ensure Data Accuracy, we can validate your data against 3rd party services, such as address checking, determine an optimal method of matching or how best to return Estimated Retirement Income.
Once the Pensions Dashboard is live, our Ongoing Data Health Service will support you to work proactively by creating a Data Management Plan in line with PASA Guidance and conduct regular audits of your data, with regular cleansing.
To ensure our customers have a robust, secure and fully-integrated solution for connecting Altair to the Pensions Dashboard ecosystem, we are developing an Integrated Service Provider (ISP) solution. Our ISP will hold encrypted, regularly refreshed data and manage the traffic to and from your Altair services and the Pensions Dashboard. We will also be offering an Integrated Service Provider (ISP) solution for non-Altair customers.
This would be for both DB and DC schemes that will provide a simple, cost-effective solution for schemes to integrate with the Dashboard and comply with the legislation, that is secure and robust.
Contact us to see how we can help your scheme with the Pensions Dashboards.