DB trustees urged to prepare for pension dashboards 'now' in new guide

Defined benefit (DB) pension scheme trustees and scheme managers should be taking action “now” to ensure that the move to pensions dashboards is as straightforward as possible, according to new guidance from Hymans Robertson.

The guide, Pension Dashboards are Coming, outlines the simple actions trustees can take to prepare for dashboards and the steps required to manage the transition.

Although the guidance noted that there is still room for things to change, it suggested that with the first wave of TPR letters landing, those holding out hope for a significant delay or reprieve look set to be disappointed.

In light of this, the consultancy urged trustees to begin engaging with their administrator and any third parties they appoint to support their dashboards work, and to stay up to date as further information and guidance is published throughout the rest of 2022 and 2023.

In addition to this, the guidance encouraged trustees to know their connection deadline, and plan how they’ll get ready, stressing that data needs to be “available, accurate and accessible”.

It also pointed out that, after deciding how to connect, trustees will need to give further consideration to issues such as reviewing scheme management processes, updating member communications, and bracing for more member activity.

Hymans Robertson partner, Laura McLaren, commented: “The momentum around pensions dashboards has been building for many months, but with a recent increase in activity, it is now more important than ever for trustees and scheme managers to start thinking about what needs to be done to prepare.

“The final go-live date is yet to be set in stone, however, we expect the majority of schemes to be connected in 2024. Pensions dashboards will be a monumental change for the industry, and considering the actions required will help make the transition easier to manage.

“Our guide sets out the steps DB trustees can follow to make sure they have a detailed understanding of what needs to be done to ensure they are in a prime position as the dashboard switch begins.”

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