The Pensions and Lifetime Savings Association (PLSA) comments on the publication of draft Pensions Dashboards Regulations.
Nigel Peaple, Director of Policy and Advocacy, PLSA, said: “The publication of the draft Pensions Dashboards Regulations today is a significant milestone, giving schemes more clarity about what the regulatory system governing the dashboards ecosystem will look like in practice. It is good to see the consultation seeks to move forward the debate on several of the topics set out in the PLSA’s industry guide ‘Pensions Dashboards A-Z’.
“Schemes have been set a very short timeframe to respond to the complex questions raised by the consultation, so it is vital that schemes and their providers engage with the consultation now and the Dashboards Programme’s webinars in the coming days. It also should be noted that the time from when there will be legal certainty to the point at which the first pensions schemes are expected to connect to the dashboards system looks very short, perhaps only six months. Hopefully, the consultation process will help clarify whether this ambitious timeline is achievable.
“It is also important to remember there will be many more issues to examine and overcome – with detailed consultations due from other regulatory bodies in the coming months. This consultation is only one piece of the jigsaw.
“These draft regulations help outline who will connect with initial dashboards, when
they must do so, and some of what must be provided. However, they do not yet cover the detail of how, which will depend on critical lessons and sharing from the participants in the ongoing alpha phase of testing. It is this work which will help to refine the standards prescribed in the regulations. A full industry consultation on the standards will be necessary over the summer so that beta data providers and other dashboards can connect successfully from the autumn.
“The DWP has listened to some of the industry’s concerns and reflected them in the draft regulations. We hope we will be able to work closely with Government, regulators and the PDP on the many next steps in the development of dashboards so we can be sure they will work for savers from launch.”
Mark Smith, Senior PR Manager
020 7601 1726 | [email protected]
Steven Kennedy, Senior PR Manager
020 7601 1737 | 07713 073024 | [email protected]