Dashboard data compliance confidence among schemes high

The PLSA surveyed a range of defined benefit and defined contribution schemes, finding three-in-four already have a defined process for matching savers to their pension entitlements.

Three quarters said they should be able to make the required data on annual benefit statements expected by the government available within 24 months.

PLSA director of policy and research Nigel Peaple said: "Pension schemes are already well-placed to become an active part of future pensions dashboards. The progress schemes have made is highly encouraging given the current circumstances."

The PLSA warned an onboarding timeline would still have to be geared away from catering to simple schemes only. The association said a flexible process to cater for schemes that will need longer than two years to prepare data remains vital.

"We should not pretend that real challenges do not remain," Peaple said. "We need to give the industry time to ensure data is complete and accurate."

He added the PLSA remained concerned about the launch of the dashboard with too few participating schemes.

"It will provide savers with an incomplete picture of their pension entitlements and present very real risks to users," he said. "Initial dashboards should show - at launch - all of very nearly all the benefits members have accrued or the project may fall at the starter's pistol."

Earlier this week, Lane Clark & Peacock said pension schemes are likely to face significant working costs reaching into the millions of pounds in order to prepare their data for the dashboard.

The consultancy said "non-standard" cases such as pension sharing on divorce, savers with transfers in, and people working past retirement age would all still complicate the "best-administered data".

Read more from Nigel Peaple on a flexible dashboard timeline here.

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• Topics
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• Nigel Peaple
• PLSA
• Lane Clark & Peacock