PS22/12: Pensions Dashboards rules for pension providers

April 2024 update

In July 2023 we revised our rules to set a  connection deadline of 31 October 2026.  By this date, pension providers must be connected to the digital architecture operated by the Pensions Dashboard Programme (a function of the Money and Pensions Service) and be fully compliant with our COBS.

On 25 March 2024 the Department for Work and Pensions (DWP) published Pensions dashboards: guidance on connection: the staged timetable. This sets out a staged timetable for connection to the digital architecture ahead of the October 2026 connection deadline. The dates in the guidance are not mandatory, but our rules require FCA-regulated pension providers to have regard to this guidance. For FCA-regulated pension providers, the relevant connection dates in the DWP connection guidance are 30 April 2025 for firms with 5,000 or more relevant pension scheme members and 31 January 2026 for firms with fewer than 5,000 relevant pension scheme members. 

To better enable firms to connect by the dates specified in DWP’s guidance on connection, we are making available a modification by consent for firms that are unable to comply with our COBS 19.11 rules for 100% of their relevant pension scheme members by the dates in the guidance. 

July 2023 update

In line with the Government’s recently approved Pensions Dashboards (Amendment) Regulations 2023 which set a new statutory connection deadline for occupational scheme trustees, we have revised our rules to align with the new deadline, 31 October 2026.

In addition, the Minister for Pensions confirmed in June that a staging timeline will be set out separately in guidance. The Government and the Pensions Dashboard Programme (PDP) will collaborate with industry to develop this connection guidance. All firms in scope of these rules must have regard to this guidance when published.

Read PS22/12

What we are changing

Our final rules require that FCA regulated pension providers must:

• complete connection to the digital architecture operated by the Pensions Dashboard Programme – which is a function of the Money and Pensions Service (MaPS)
• be ready to receive requests to find pensions, and search records for data matches
• be ready to return pensions information to the consumer’s chosen pensions dashboard

Who this is for

This publication will primarily interest:

• providers of individual and group stakeholder and personal pensions, such as life insurance companies and operators of self-invested personal pensions (SIPPs) 
• consumers
• bodies representing the interests of consumers
• trade bodies representing pension providers

It will also interest:

• third party pensions administrators and software providers
• parties interested in offering a commercial integrated service solution to pension providers
• decumulation-only providers that are interested in offering accumulation products in the future
• individuals and firms providing advice and information in this area

Next steps 

Firms must implement our final rules by 31 October 2026. Firms must also have regard to the Department for Work and Pensions guidance - Pensions dashboards: guidance on connection: the staged timetable.

Background

Making these final rules satisfies a statutory duty placed on us by the Pension Schemes Act 2021. Together with the Government’s regulations (which contain corresponding requirements for trustees of occupational pension schemes) and the MaPS’ standards published by Pensions Dashboard Programme, our rules contribute to making pensions dashboards a reality.

Pensions dashboards are secure digital interfaces that enable consumers to find and view simple information about their pensions that are not yet in payment. By equipping people with basic information about the pensions they have, consumers may find it easier to plan for retirement, get advice or guidance, and ultimately make informed decisions.