PDP confirms dashboards staging timeline for pension providers and schemes

The Pensions Dashboards Programme (PDP) has confirmed the staging timeline for pension providers and schemes to provide data for pension dashboards, following the FCA and DWP's consultation proposals.

It outlined the three waves of staging, starting with wave one for large schemes, which is scheduled for between April 2023 and September 2024, before moving onto wave two for medium schemes between October 2024 and October 2025, while small and micro schemes are ‘likely’ to be in 2026.

In addition, the PDP outlined the schemes’ exact sizes, with large schemes having 1,000 or more relevant members, medium schemes having between 100 and 999 relevant members, and small or micro schemes having 99 or fewer members.

Relevant members are defined as both active and deferred members.

The PDP recommended that schemes use the staging timeline to identify when their scheme is due to stage and to work with their advisers to plan how they will comply with staging obligations.

In addition to the announcement, the PDP also updated their advice on how to improve data ahead of staging duties and what information schemes need to provide.

The PDP advised schemes to start by identifying who they will need to engage with in their preparation and consider what types of resources they may need to fill any missing data gaps.

Offering advice on the future, the PDP also warned that dashboard readiness was not a one-off, and that once someone is connected and the link to dashboards is switched on it remains always on, making it essential to maintain data quality and be ready for further enquiries from dashboard users.

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