Is your pension scheme dashboard ready?

September saw a fair deal of activity on the pensions dashboards front.  We had the publication of the Pensions Regulator's pensions dashboards compliance and enforcement policy as well as its response to the consultation on the draft policy and also an update to its breach of the law guidance.  Whilst the policy is clearly aimed at trustees and managers of occupational schemes, in practice its application is further reaching.  Given the Pensions Regulator's powers to issue contribution notices to third parties the application of the requirements therefore also apply to employers, as well as integrated service providers and administrators. 

The Pensions Regulator acknowledges that there will be teething problems but emphasises the need to make sure that preparations are well underway.  Monitoring dashboard compliance is a key part of a scheme's risk management system involving keeping clear audit trails, reporting breaches and responding promptly to any issues which may arise.  In recent blog post, Nina Blackett, Interim Executive Director of Strategy, Policy and Analysis at the Pensions Regulator urged, "Act now, so we don't have to."

The Pensions Regulator will be engaging with hundreds of pension schemes this autumn, asking them how to account for how they are measuring and improving their data and we fully expect to see the Regulator taking regulatory action where they feel that schemes are failing to meet their expectations. 

Data must be robust and accurate. This is an absolutely essential underpinning principle for pension schemes as they prepare for their connection to dashboards, and it is vital that schemes must have robust governance and controls in place.  For further support in ensuring your scheme is dashboard ready, please get in touch with Céline Mather-Franks and we will be happy to help.