“We plan to lay out a more detailed timeline by the end of the year, but a staged onboarding process should be expected to allow data providers to get ready and for all the necessary user testing to be carried out.”
The Pensions Dashboard programme also set out its thinking on the scope of dashboards and the data elements required from pension providers.
In the beginning, it will not be possible to develop data standards that cover every complexity that exists in the pensions industry.
To minimise the initial cost of pension provider and scheme participation, the government has already placed constraints on the initial data requirements so that only basic information is available in the first phase with more complex information being shown at a later date.
The government will make it mandatory for providers to provide a certain level of data in the beginning. This includes certain low level information around estimated retirement income and accrued entitlements.
The data items, which will be made mandatory, are currently required to be disclosed to the individual under existing disclosure regulations.
The focus over the next six months will be on developing data standards to which pension providers and schemes will have to adhere.
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