When Pensions Dashboards arrive, how will you ensure you connect to the Pensions Dashboard eco-system, and crucially, how will you stay connected? In the article, we outline the key steps you can take to ensure once you're connected, you're always connected.
Pensions dashboards are almost here, and when pensions schemes and providers are connected, members will have the ability to access and view all their pensions information in one place via a secure online portal.
Pensions Dashboards will make it easier for savers to see their savings (from both private and state pensions plans) and reconnect individuals with lost pension pots, helping members use this information to plan financially.
When do you have to connect to pensions dashboards?
Data quality is crucial to pensions dashboards success. Ask yourself, is your member data up to date and accurate?
Now is the time to focus on the health of your data and updating members records. Inaccurate details being displayed or worse, a mismatch resulting in pension details being displayed to the wrong member can result in a data breach which could have wider ramifications from the Information Commissioner’s Office.
If you want to understand more about the data regulations for dashboards, you can do so here: Pensions Dashboards Draft Regulations and Data Standards
Still handling paper records? You’ll need to digitise those…
How will you match members?
Maintain the integrity of your own systems
Any “Find” requests will be sent out to all data providers for any user that logs in to the pensions dashboards – meaning you’ll get Find requests from all users, not just those who are members of your scheme. These requests need to be handled and responded to, without impacting on the integrity and performance of your own systems.
Did you know that when you’re connected to the dashboards ecosystem, your systems will have to be able to cope with 15m Find Requests a year? That is a lot!
A secure ISP that connects you to pensions dashboards
Connecting to pensions dashboards is just the start…
Being 'Dashboard ready' goes beyond connecting by your staging date – once you’re ‘on’, you’re always ‘on’. As well as ensuring your data is Dashboards-ready, you’ll need to develop an ongoing audit and validation plan in place to ensure that good quality data is always being passed to members through the Dashboard.