Parliament approves pensions dashboards regulations

The Pensions Dashboards Regulations 2022 have now been approved by MPs and peers, in what has been highlighted as a "major step" in formalising dashboard duties by the Pensions Dashboards Programme (PDP).

The government initially laid the regulations in parliament on 17 October, with plans to lay the Amending Order "as soon as parliamentary time allows" following the approval of the regulations.

The news is the latest in a number of recent developments for pensions dashboards, with the PDP having recently confirmed that it was shifting to real data testing, after completing work on the dashboards ecosystem.

In addition to this, the Financial Conduct Authority (FCA) recently published the final rules on pensions dashboards for pension providers, while the Financial Reporting Council has confirmed changes to the Actuarial Standard Technical Memorandum 1 (AS TM1).

Commenting on the approval of the regulations, PDP principal, Chris Curry, suggested that “we’re entering an exciting phase of the programme", with less than six months until the opening of the first compulsory window for pension providers and schemes to connect to the dashboards ecosystem.

He continued: “Pensions dashboards will make accessing information on retirement savings easier, allowing people to view their pensions together in one place.

"Working with the pensions industry and regulators, we’ve made steady progress on delivering the central digital architecture for dashboards and drafting standards to create a safe and secure experience for users.

"In early 2023, we will begin connecting and testing with over 20 early participants.

"The regulations are a major step in formalising dashboard duties and the authority of the Money and Pensions Service (Maps) to set standards. We’re grateful to MPs and peers for their support and their constructive feedback.”

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