TPR: 'We will take a dim view of trustees who fail to prioritise dashboard responsibilities'
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Trustees must start preparing for their pensions dashboards deadline, the Pensions Regulator has warned, and has published guidance to help them with this.
The regulator has launched a new ‘deadline' campaign as its research shows trustees are behind on dashboards preparations, and are at risk of failing to meet their legal responsibilities.
The largest schemes are expected to connect from June next year, but the research, due to be published shortly, found that over half (51%) of defined contribution schemes and a third of defined benefit schemes continue to hold at least some member records non-electronically.
Despite these shocking levels of analogue data, just 4% of DC schemes and 9% of DB schemes have begun to digitise their records in preparation for pensions dashboards.
The largest schemes are expected to connect from June next year, but the research, due to be published shortly, found that over half (51%) of defined contribution schemes and a third of defined benefit schemes continue to hold at least some member records non-electronically.
Despite these shocking levels of analogue data, just 4% of DC schemes and 9% of DB schemes have begun to digitise their records in preparation for pensions dashboards.
To speed trustees up on dashboards, TPR has now published new guidance based on draft regulations recently consulted on by the Department for Work and Pensions.
This might push the topic onto more pension fund agendas; the research also found that just 37% of DC and DB schemes have discussed pensions dashboards at their trustee board meeting, and a similarly low proportion have engaged with their administrator about their data.
This might push the topic onto more pension fund agendas; the research also found that just 37% of DC and DB schemes have discussed pensions dashboards at their trustee board meeting, and a similarly low proportion have engaged with their administrator about their data.
Comprehensive programme of support planned
Pensions minister Guy Opperman said: "It's vital providers are preparing for their introduction and I urge them to take action now if they have not done so already."
David Fairs, TPR’s director of regulatory policy, analysis and advice, warned: “Trustees will have legal duties they must be ready for. We will take a dim view of trustees who carelessly fail to prioritise their dashboard responsibilities."
The regulator recognises that dashboards are a significant undertaking for industry, he added. TPR will therefore be rolling out a comprehensive programme of support in the coming months.
Principal of the Pensions Dashboards Programme, Chris Curry, said that over the next few months both TPR and the Pensions Dashboards Programme will be giving further information and support on how to prepare for connection. "I would encourage everyone to engage as early as possible with this information to help them prepare,” he said.
Trustees should now:
- check their connection deadline
- have pensions dashboards firmly on their board agendas
- be deciding how they will connect: whether they will develop a solution in house, use a pensions administrator or integrated service provider
- be taking stock of and digitising their data
TPR is also calling on trustees, scheme managers and administrators to attend a pensions dashboards webinar on 28 July.
