PASA issues new pension dashboard guidance
The Pensions Administration Standards Association (PASA) has published interim guidance to support administrators, providers, and service centres in responding to member questions about pensions dashboards.
The guidance includes a set of frequently asked questions and suggested responses for organisations to use when talking to members about dashboards.
Supporting Member Enquiries
As the launch of the government-backed MoneyHelper dashboard draws nearer, members will become increasingly aware of dashboards.
The guidance aims to help organisations respond clearly and consistently to member enquiries, and support simple and factual conversations.
Common questions in the guidance include who pensions dashboards are for, what information they will show, when they are expected to be available, how saver data will be protected, and how individuals can start tracing pensions now.
Preparing for Dashboard Launch
PASA urges members to keep their personal details up to date with schemes and providers ahead of the launch of dashboards, and signposts those wanting to trace pensions now to existing resources.
The guidance should be treated as an interim resource and adapted by schemes, providers, and administrators to reflect their own processes and the latest information.
According to the report, PASA chair David Fairs said, “Dashboards will represent a major change in how people access information about their pension savings.”
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Fairs added, “While dashboards aren’t yet available to the public, awareness is building and some members are already starting to ask questions.
It’s essential the industry is ready to respond in a clear, consistent, and helpful way.
Members need straightforward explanations of what dashboards will, and won’t, do.
Industry Readiness
Gallagher strategic partner and PASA Engagement and Communication Working Group chair, Shaily Sodha-Carr, said, “Good member communication will be essential to the successful introduction of pensions dashboards.”
The information people receive in the run-up to launch will shape their expectations and their confidence in using dashboards when they become available.
This guidance has been developed to support the front-line teams who are likely to receive questions from members.
As the programme develops, PASA will continue to monitor progress and update the guidance where appropriate.
For more information on pensions dashboards, individuals can visit the UK government website for updates and guidance.
