The rugby Six Nations Championship has been a recent topic of conversation. But do you know how long pensions dashboards have been a topic of conversation? Almost 10 years – ever since the issue was raised in a report by the Financial Conduct Authority in December 2014! We are now about to witness kick-off as the industry prepares to connect pension schemes to the dashboards architecture.
Any day now, the Department for Work and Pensions (DWP) will issue guidance setting out a line-up of expected connection dates, split by scheme size and type. Do not be fooled by the word “guidance” – compliance is not optional. Legislation requires trustees to “have regard to” this (and other) dashboards guidance and The Pensions Regulator (TPR) has said that non-compliance with connection dates will be a breach, for which it can award penalties. We can expect to hear a lot more from TPR in the coming weeks/months, including its compliance and enforcement policy.