Consultation closed
08/04/2022
PS22/12: Pensions Dashboards rules for pension providers
We set out final rules and guidance requiring FCA regulated pension providers to provide and enable information about personal and stakeholder pensions for pensions dashboards. We also respond to feedback on CP22/3.
Update – March 2023
On 2nd March, the Minister for Pensions announced that the Pensions Dashboards Programme:
- needs more time to deliver the complex build of the digital architecture which will underpin the pensions dashboards initiative
- will not be ready to connect pension providers by the connection deadlines currently set out in Government Regulations and FCA Handbook rules (confirmed in Policy Statement 22/12), the first of which is 31 August 2023
The Department for Work and Pensions will legislate at the earliest opportunity to amend the connection deadlines in its Regulations. In due course, we will make a corresponding change to the deadlines in FCA’s dashboard rules.
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:
- life insurance companies
- 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 August 2023. Firms that intend to use the later implementation date transitional provision must notify us by 30 April 2023.
The Pensions Dashboard Programme, which is a function of MaPS, will soon publish updated versions of the standards that pension providers must adhere to under our final rules.
Later in 2022, we will consult on our proposed regulatory framework for commercial parties offering a pensions dashboard service. Subject to consultation outcome, we aim to open the authorisations gateway in Summer 2023.
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.