Getting pensions
dashboard ready

Pensions & benefits

The deadline for pension schemes to be pensions dashboard ready is getting closer. Dashboards are digital services — apps, websites or other tools — which savers will be able to use to see their pension information in one place.

As a pension trustee or scheme manager, you will need to connect with and supply pensions information to savers through dashboards. Some schemes are already making good progress in connecting to the ecosystem by the expected “connect by” date specified in the guidance, but we know many are struggling with competing priorities. 

There will be significant work involved in successfully connecting to pensions dashboards. Regardless of your connection deadline, we strongly advise you to start preparing as soon as possible. With a seemingly endless list of priorities, we understand that it may be difficult to know how to stay ahead of the game and steer clear of challenges on your dashboard journey. 

With the threat of fines for non-compliance, we are helping schemes get ready for pensions dashboards and to start looking through a dashboard lens.

Key actions for trustees

  • Establish a dashboard readiness working party (if not already done so) and charge it with drawing up a plan of action to ensure that all necessary systems and processes are in place by the time your scheme is required to connect with and supply information to the dashboards ecosystem

  • Assess what data will need to be supplied, from where it will be obtained, the quality of such data, how it will be ‘digitised’, and any calculation processes that will be needed

  • For DB schemes, consider whether administration systems currently support the default approach to deferred pensioner revaluation and, if not, whether the simplified approach can be used

  • Consider whether to use a third party to interface with the dashboard or connect directly

  • Consider the best approach to matching scheme data with a find request

    Make sure you have a plan for how to deal with the increase in member queries that will inevitably arise once the pensions dashboards are in general use

Key actions for Scheme administrators

  • Provide a clear plan to your trustee clients, including any fee proposals so that trustees and scheme managers can budget accordingly.
  • Ensure that all data needed either directly or to support calculations for the dashboard has been suitably cleansed
  • Schedule development time for any changes to administration processes necessary to support ‘find’ requests. Pay particular attention to the timescales for providing ‘value’ data
  • Schedule development time for any changes to calculation routines necessary to provide ‘value’ data, in particular for deferred members of DB schemes

How we can help 

We are talking to schemes of all sizes about the implementation of pensions dashboards. Projects of this nature could be problematic where there are resource constraints, particularly for in-house administrators and where there are complex benefit structures.

Having a project plan and completing our dashboard readiness checklist could be a good place to start in order to understand your scheme’s current position, and to get an idea of how much work there remains to do. If you’re interested in mapping out your scheme’s dashboard preparations using a high-level project timeline, please contact one our experts and we’ll send you a link.

A possible next step could be getting the key parties together in a workshop. You can think about the problems you might face (e.g. different data matching requirements for DB and DC administrators for individuals with benefits in both sections), how these can be mitigated, who needs to be involved in the project and when will tasks need to be done.

LCP has a team of pensions dashboards experts available to help you plan your connection journey and make sure you are dashboard ready. We can help by:

1. Scene setting & workshop

This could involve:

  • Establishing your data matching requirements
  • Setting up a governance structure
  • Fitting in with existing projects

2. Gap analysis

We’ll identify any gaps in relation to the project and how best to address these given your resource and systems requirements.

3. Plan of action

The outcome will be a bespoke plan based on your scheme’s circumstances which will be the building block of your project.

Please contact one of our experts below to start your pensions dashboard programme.


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How we can help

We provide individual and high quality actuarial advice, taking a collaborative approach between trustees, employer and advisers, to ensure a focus on good member outcomes.

We are market leaders at each stage of de-risking, including journey planning, investment strategy, transactional services and wind up.

We help sponsors of pension schemes understand and manage the costs and risks associated with supporting their current and legacy pension schemes as well as other employee benefits.

We help trustees understand and monitor the employer covenant.

We help you get the best value out of your DC scheme and ensure the best possible outcomes for members. 

We help you make important investment decisions, and make sure that your investments are performing as you need them to.

We help you get your investment strategy right to ensure good member outcomes in your DB and DC schemes.

We provide a bespoke, high quality pensions administration service.

We help make governance simple and effective so that you can make decisions and act on opportunities quickly.

We help pension scheme trustees and sponsors to determine the ultimate destination for their scheme and help them put together a plan to get there, including how to effectively manage the risks they face along the way.

We help trustees achieve their strategic goals, with solution-led, appropriate advice.

Get in touch.

If you would like to know more about our services and how we can help you with pensions and benefits.

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