Keep on communicating – TPR’s expectations for keeping on top of pensions dashboards
The time to connect to the dashboards ecosystem is fast approaching for eligible pension schemes, with the largest schemes due to connect from April 2025 under the DWP’s connection guidance. Following the new Government’s commitment to the dashboards staging timetable, what does TPR expect schemes to be doing to get “dashboards ready”?
- Work with the scheme administrator on data
Schemes should be testing (and, where relevant, improving) the accuracy of their scheme data. Data must be digitally accessible and up to date. Trustees are expected to interrogate their scheme data and should not underestimate how much work may be needed to get their data up to scratch. - Discuss automating calculations
Schemes should consider implementing automation for pension calculations to ensure data can be provided to the dashboards ecosystem within the necessary timeframes. Trustees should liaise with their administrators on this as soon as possible.
- Collaborate with providers
Although trustees are ultimately responsible for connecting to the dashboards ecosystem, they will need to work with their various providers, particularly their administrator, to ensure a successful connection. This includes communicating with any AVC providers.
- Work together to keep things on track
Project plans are a useful way to split tasks into manageable chunks and to ensure all parties are clear about what is on their to-do list. Regular reporting from administrators is also helpful to track progress on dashboards and trustees may be able to delegate certain decisions to a sub-committee to keep things moving between main trustee meetings.
- Record-keeping
Trustees should keep a clear audit trail of their dashboard decisions. Audit trails could include meeting minutes, advice papers from advisers as well as a decision log recording the various decisions that have been made. TPR’s dashboards checklist is a helpful tool to ensure that schemes are recording the right decisions.
Communication is key
It is important that trustees keep communicating with their providers, particularly their administrators when preparing for connection. Trustees should also liaise with both TPR and PDP if things aren’t going to plan, or they have concerns about meeting their “connect by” date. The whole pensions industry needs to work together for pensions dashboards to be successful.
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