Pension dashboards are getting closer to becoming a reality. All pension schemes and providers must be connected to the pension dashboard ecosystem by the end of October 2026 at the latest.
This article provides an overview of pension dashboards, how they’ll work, and the role advisers can play to support better outcomes for their clients:
- Pension dashboards in a nutshell
- Legal and compliance steps for enabling and connecting to dashboards
- Commercial pension dashboard services
- What will people be able to see and do on dashboards?
- Why pension dashboards will be important to advisers
- When can the public access pension dashboards?
We expect the new Government to support the pensions dashboards initiative and don’t anticipate any changes to the timetable at this stage.
1. Pension dashboards in a nutshell
Who are pension dashboards for?
Pension dashboards will be a free service allowing individuals to see all their pensions in one place, securely online, reconnecting people with their pensions. This includes all pensions at the savings or accumulation stage not yet in payment – including individual, workplace, private and public sector, defined benefit and defined contribution, as well as State Pensions.
Dashboards have the potential to be a gamechanger in improving pensions knowledge and understanding, and for transforming how people engage with their pension savings. I hope they’ll support better retirement planning and improved financial wellbeing.
What will pension dashboards do?
When first launched, pension dashboards will largely be informative, showing consumers how much they’ve saved, with a projected retirement income, links to useful information and online tools. Transactions won’t be permitted on the dashboards, but they’ll be allowed ‘off dashboard’.
The Government and regulators are expected to take an iterative, but cautious approach, to the evolution of dashboards. In future this may also include pensions in decumulation, wider savings products and other assets. We’re hoping the rules will evolve to allow individuals to take actions on dashboards with the help of advisers and the FCA’s proposed targeted support. Ultimately, pension dashboards could be similar to open banking.
2. The detail – legal and compliance steps for enabling and connecting to dashboards
There are two main aspects to enabling dashboards. First, the compliance requirements to provide data to the pension dashboard ecosystem. Second, the rules governing being a pension dashboard service provider.
The legal bit – enabling dashboards and timelines
- The Pensions Schemes Act 2021 legislated for the creation of pension dashboards requiring pension schemes and providers to supply the required data to the pension dashboard ecosystem.
- The Pension Dashboard Regulations 2022 included more detailed requirements including how pension schemes will connect to the ecosystem, including the provision of information and staging timeline.
- The staging timeline was later replaced by The Pensions Dashboards (Amendment) Regulations 2023 and DWP guidance setting out new ‘connect by’ dates for schemes and providers.
- In addition the FCA published its rules and guidance requiring FCA regulated pension providers to connect to the dashboard ecosystem in its Policy Statement 22/12 , aligning with the Government’s rules.
Rules for pension dashboard services providers
The Pension Dashboards Regulations 2022 also prescribed the requirements for qualifying commercial pension dashboard service providers. Earlier this year, the Treasury made operating a commercial dashboard service (PDS) a FCA regulated activity. The FCA has published two consultations on their website on the detailed conduct rules for dashboard operators, with final rules expected at the end of 2024.
Developing standards – the Pension dashboard programme
The Pension Dashboard Programme (PDP), run through MaPS, is responsible for designing and implementing the central digital architecture which will make pension dashboards work. It’s also responsible for setting the standards which provide the rules and controls for the pension dashboard ecosystem.
The PDP central digital architecture consists of three services:
- A central identity service – proves users are who they say they are so they can access PDS.
- Consent and authorisation service – manages user authentication, consents and permissions, including delegated access.
- Pension finder service – sends out instructions to pension providers and schemes to search for an individual’s pension.
The compliance bit – connecting to the pension dashboard central digital architecture by 31 October 2026
All occupational pension schemes with more than 100 active and deferred members, and all FCA regulated pension providers, must connect to the central architecture by the statutory deadline of 31 October 2026. Many schemes and providers are using third parties or ‘integrated service providers’ to do this.
DWP guidance sets outs the individual staging or ‘connect by dates’ by membership size and scheme type. The first ‘connect by dates’ start from 30 April 2025, with the largest occupational schemes including Master Trusts as well as FCA regulated pension providers connecting first.
As the staging dates are set out in the guidance, rather than legislation, they’re not strictly mandatory. However, the regulators will require occupational pension scheme and FCA regulated providers to ‘have regard’ to the guidance, and they’ll monitor ‘compliance’. It’s important that schemes and pensions providers keep to their connect by dates to avoid a log jam if leaving it too late. If they experience any issues they should contact the Pensions Regulator. Advisers will be able to support their clients here to make sure they’re compliant.
3. Commercial pension dashboard services
We expect there will be multiple commercial pension dashboard service (PDS) providers, perhaps as many as 20, along with one non-commercial dashboard run out of MaPS – the Money Helper pension dashboard. Individuals will be able to access any PDS to view their data, but we expect it’s more likely they’ll use a PDS provided by the pension provider they’re actively saving with, if offered, rather than using one they have no relationship with.
Being a commercial pension dashboard service is a regulated activity. Firms wishing to offer a PDS will need to be or become FCA authorised. They’ll need to obtain the FCA’s permission to undertake the new regulatory activity and meet the regulator’s high conduct standards for undertaking this activity, including complying with the Consumer Duty. Firms who are already FCA authorised are likely to be at an advantage. Firms wishing to offer a PDS will need to apply for FCA authorisation through its authorisation gateway which is expected to open in 2025.
4. What will people be able to see and do on pension dashboards?
Individuals will be able to view all their pension data on PDS, and if their PDS offers this, can then select ‘post-view’ services where their data will populate a range of tools and modellers developed by their PDS.
Find and view dashboard services
Individuals will be able to make a ‘find’ request using the identity service. If successful, and a full match is made, the individual will then be able to view prescribed basic information in a standard format about their scheme:
- Scheme name, and date they joined the scheme
- Employer name and dates
- Fund value/accrued pensions data
- Projected estimated income at retirement date
- Links to useful information, such as pension charges and valuable benefits
Live data won’t be required for the first iteration of pension dashboards. Instead pension schemes/ providers can supply the latest annual benefit statement data, but it can’t be older than 13 months.
If a partial match is identified, the individual can only view limited information such as scheme name and the pension scheme administrator’s contact details. Contacting the scheme administrator could turn the partial match into a full match.
If no match is made, there won’t be any returns.
Post-view dashboard services
In addition to the ‘find and view’ services, PDS, can choose to offer post-view services. These services are expected to include a range of innovative and engaging tools, modellers and educational content. Post view services will help individuals make sense of their aggregate pension dashboard data, to make decisions about their pension.
Transactions, such as pension consolidation or increasing pension contributions, won’t be permitted to take place on pension dashboards. Neither will it be possible to make any product reference, or market to the individual. These can only be made ‘off dashboard’ and it won’t be permitted to pre-populate off dashboard services with PDS data.
Putting the customer at heart of dashboards
The rules have been specifically designed to put the customer at the heart of dashboards. They can choose to access any pension dashboard they wish. Individuals will be in charge of their PDS data. The FCA has also been consulting on the rules about pension dashboard data sharing and how this can be used via the data export and delegated access facilities.
Based on the FCA proposed rules, individuals will be able to export their pension dashboard data to themselves and to the PDS firm to use within the post-view services. They won’t be able to export this data off dashboard, or take any actions while on dashboard, such as pension consolidation.
Individuals can opt to give consent to a delegate to view their PDS data. A delegate is strictly defined in the rules and includes a MaPS guider or person with regulatory permission to give investment advice. This will be managed via the PDP’s/MaPS ‘Consent and Authorisation Service’. All PDS’s offering this delegated access must include a link to MaPS enabling the customer to review, revoke or amend this.
Not all PDS’s will offer data export or delegated access, so you may wish to encourage your clients to use a PDS which does offer this facility.
5. Why pension dashboards will be important to advisers
If implemented well, pension dashboards could increase the demand for advice, improving individuals’ retirement outcomes.
Having pension data all in one place has the potential to make advice more efficient, affordable and accessible to more individuals, helping to close the advice gap. As an adviser, you’ll likely have an important role to play in supporting your clients with managing and understanding their dashboard. The rules permit pension dashboard service providers to allow individuals to give delegated access to their adviser, so you can view your clients’ pension dashboard data online.
Employers and trustees may also turn to advice for support with their ‘connect’ by dates. Find our more about connect dates on The Pensions Regulator website.
6. When can the public access pension dashboards?
Currently there’s no published timetable for launching PDS to the public. It’s the responsibility of the Secretary of State for Work and Pensions to publish the ‘Dashboard Availability Point’ (DAP) – the ‘go-live’ date. The pension industry must be given 6 months’ notice of this so they have time to get ‘dashboard ready’, gearing up to support the expected surge in customer queries.
The DAP will be dependent on a sufficient number of schemes/memberships having connected to the dashboard ecosystem (critical mass) and other key performance indictor criteria being met. The DAP could be as early as mid-2026. This is before the statutory deadline of 31 October 2026, as 99% of all schemes and the vast majority of scheme memberships are due to be connected to the pension dashboard ecosystem around May/June 2026.
The public will need to be made aware of the existence of pension dashboards, what they do, and where they can get additional support. It’s not yet clear whether the Government will take lead in promoting pension dashboards.
Whatever happens, the pension industry will work in collaboration with the Government to build the public’s awareness and encourage people to use a PDS to help improve pension understand and financial literacy. It will be critical that consumers have confidence and trust in pension dashboards, and that their expectations are met to make sure they use the service and keep on coming back.
Keep up to date to unlock advice opportunities
Advisers have a pivotal role to play in making pension dashboards a success, and your expertise will bring opportunities for you to engage with existing and new clients. Staying up to date with the latest developments is crucial at this time, especially for those looking to support employers and trustees in the set-up stages. You can also plan ahead for how you might use dashboards as part of your advice services.
There’s likely to be further updates as we move closer to ‘connect by’ dates. Look out for future articles on our insights hub, where you’ll find content on the latest regulatory updates and insights to support your advice business.