What is the Pension Dashboard?
The Department for Work and Pensions, via the Money and Pensions Service (MaPS), is creating a Pension Dashboard that will be free for all UK citizens to use to view their pension information securely, online and in one place, even if living abroad.
All pension schemes in the UK, including the LGPS need to connect to the dashboard ecosystem to provide pension members information in a secure way. The project is being managed by the Pension Dashboard Programme, you can see all about them at their website.
This is an external link to the Pensions Dashboard Programme and is not available in Welsh:
Why does the Government want to set up a Pension Dashboard?
The aim is simple, they want the pension industry to provide clear and simple information about an individual’s multiple pension savings, including their State Pension. They also want the industry to help citizens to reconnect with any lost pension pots they have.
When will it be launched?
Dashboards were planned to be launched in phases, or waves. However, in March 2023 a written ministerial statement was issued which suggested these timelines may shift further into the future.
This has now been confirmed in new regulations, Pension Dashboards (Amendment) Regulations 2023, which came into force in August 2023. New ‘staging dates’ have now been released too. Public sector schemes like the LGPS must connect by 31 October 2025.
This is an external link to the Written Ministerial Statement and is not available in Welsh:
Do LGPS members need to do anything?
No you don’t. For the time being it is up to schemes, administrators and employers to make sure that member data is accurate and up-to-date whilst the industry works on the technical and technological framework to deliver the dashboard.