The DWP’s pensions dashboards will allow people to view all of their pension information, such as workplace, private and state pension, for free, online in one place
The Department for Work and Pensions (DWP) has published an update on its pension dashboard plan – including when it should finally be completed.
The pensions dashboards will allow people to view all of their pension information, such as workplace, private and state pension, for free, online in one place. The dashboard will also make it easier for Brits to find lost or forgotten pension pots
In an update published by the department this week, the first connections to the national pensions dashboard are scheduled to begin in August 2024, with larger pension schemes – ones with 20,000 or more members – expected to have completed connection by the end of April 2025. More larger schemes will then connect throughout the rest of 2025.
Medium schemes, with 100 to 1,000 members are expected to connect across throughout 2026 with the final deadline of September 20, 2026 and finally, all schemes will be legally required to be connected to the dashboard system by October 31, 2026 at the latest.
In a written statement, pensions minister Paul Maynard said following a reset in early 2023 “significant progress” had been made on building and testing the system. He said: “The government is absolutely committed to delivering pensions dashboards safely and securely to the public at the earliest opportunity. The publication of the connection timetable marks a significant milestone towards launching pensions dashboards, and takes us closer to introducing a service that has the potential to transform how individuals plan for retirement.”
“Whilst the timetable is not mandatory, it is a legal requirement that trustees or managers of occupational pension schemes and providers of personal and stakeholder pensions have regard to this guidance.”
Chris Curry, principal of the Pensions Dashboards Programme (PDP), said it would continue to work closely with the industry as it prepares for the first providers to start connecting.
He said: “Pensions dashboards will be a crucial tool to support retirement planning. By showing people’s pensions together in one, online and secure place, they will boost pension engagement, benefiting individuals and industry. Delivering dashboards is complex, and I’m continually grateful for the spirit of cooperation across Government, regulators and industry. The timetable for connection is an important step on the journey to making dashboards a reality.”
The pensions dashboard plan was introduced in 2015 and was originally planned to launch in 2019. The last estimate was that it would be rolled out by August 2023, however, technicalities mean the deadline was extended again.
Kate Smith, head of pensions at Aegon, welcomed the update noting that it finally confirms that the pensions dashboard is now a reality. She said: “As expected, the largest pension schemes, including the largest master trusts and largest FCA-regulated pension providers will be expected to connect to the pension dashboard ecosystem by the end of April 2025. The remaining schemes will connect in order of size with the expectation that all schemes will have connected by October 31, 2026.”
“We hope that all schemes will follow the guidance, to ensure connection is carried out in an orderly manner avoiding ‘last minute’ connections and potential log jams. The pension dashboard programme and Government will need to monitor this closely.” You can read the DWP full pensions dashboards guidance here.
