The Pensions Regulator has urged schemes to prepare for the pension dashboard deadline and warned it will “take action” if they don’t.
In a blog post written by TPR interim executive director of strategy, Nina Blackett, the regulator stated that trustees must be ready for dashboards by the connection deadline to avoid any negaive effect for consumers.
It advised that, if schemes prepare properly, the regulator is less likely to use enforcement action to ensure they do the right thing.
“Act now, so we don’t have to,” it warned.
Even though the deadline for pension dashboards isn’t until October 31 2026 for all schemes, Blackett encouraged urgency in scheme’s actions as: “Before we know it, pension dashboards will result in a huge wave of savers interacting with their personal data.
“Failure to meet your duties is therefore not an option.”
Blackett added, if the regulator reaches the stage of having to use its powers against the trustees or scheme manager of a scheme, it means savers are “already at risk of not getting the full picture of their retirement savings”.
As a result, TPR will be engaging with hundreds of schemes this autumn and will be asking them to account for how they are measuring and improving their data.
Next steps
The regulator also set out the necessary steps for trustees and scheme managers, advising them to start by reading the guidance.
Blackett stated that “knowing your duties” is the first step and, in particular, the regulator will expect trustees and managers to be able to demonstrate their “having regard” for the Department for Work and Pensions connection guidance.
Secondly, trustees and managers were advised to plan to connect in a staged and orderly manner in line with DWP guidance.
“Schemes face increased risks of non-compliance and reputational damage if they don’t connect promptly,” the guidance added.
Finally, TPR advised trustees and managers to manage resources according to their plan.
“Trustees must establish robust controls and contractual agreements when selecting and managing service providers,” it said.
Blackett concluded that timely action is “essential” and advised trustees and scheme managers to “grip their obligations diligently”.
“We will carefully monitor and identify any risk of non-compliance but we hope that, for most, enforcement is not required,” she said.
“Instead, we encourage schemes to do the right thing now, and help savers reach the outcomes they deserve.”
tom.dunstan@ft.com
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