Behind the scenes, The Pensions Regulator (TPR) is also reminding schemes of the importance of being fully prepared for connection and ensuring data integrity, as well as having the capacity to make pensions calculations and forecasts based on additional voluntary contributions. TPR has said,
‘Trustees must make decisions and take action now to ensure data readiness and avoid being caught out by the scale of the work involved.’
Getting connected is just the beginning
Pensions dashboards are expected to be a game-changer in how pension scheme members manage and engage with their pensions. And while neither the Pensions Dashboard Programme (PDP) nor the Government has confirmed a timetable or a ‘go live’ date for making dashboards publicly available, it is expected that 31 October 2026 is the most likely date. But ahead of that date, schemes should expect a raft-up of publicity to alert the UK public about the dashboard initiative. Schemes should also consider seizing the initiative and ramping up their own communications with members ahead of the public launch.
More information will lead to greater interaction with scheme members
Pensions dashboards are expected to mark a new era of ongoing member involvement and interaction, ensuring the industry must adapt and be prepared to deal with heightened engagement. If dashboards function as intended, they could significantly increase member communication with their pension schemes, and will expect timely, accurate and detailed responses.
The first step with pensions dashboards is to offer access to data, but more interactive features could be integrated later. For example, members might use the dashboard to compare different retirement scenarios and request personalised quotes, such as asking for an early retirement estimate at 59 instead of waiting until 67. With much more access to this information, more people are likely to seek professional advice on how to invest effectively, maximise their pension pots and secure a lifelong income in retirement.
Expect dashboards to keep evolving
While the UK has spent years planning the implementation of pensions dashboards, they have been in use in many other countries for decades. During this time, technology has advanced to meet changing user needs and to include advancements in technology. For example, future dashboards could allow users to calculate retirement income scenarios or even transfer pensions directly through the platform.
The next logical step would be a move towards ‘open finance’, where individuals and businesses locate all their financial information in one place. With UK retirement planning increasingly reliant on multiple income streams, people will expect to see a more complete financial picture. For example, users may want to connect various assets to see their total retirement resources rather than focusing solely on pensions. For the UK, this could include integrating investment income, savings, ISAs and property wealth. However, these potential future developments will only be realised if the rollout of the dashboard is successful and earns the trust of the UK public.
While the pensions dashboard ecosystem is just beginning in the UK, schemes need to begin thinking about what the pensions landscape could look like - both for schemes and the expectations of scheme members in the years to come.
Innovative pension platform support from EQ
Pension data management projects can be sensitive and highly complex, and data accuracy is vital. For over 187 years, EQ has been working with pension schemes, members, managers and trustees to deliver innovative retirement solutions. As a specialist data consultancy with technology at its core, we support clients to administer over 4.4 million pensioners and annuitants. If you want to work with a trusted pensions partner on sensitive and highly complex pension data projects that specialises in managing challenges at scale, get in touch.