TPR launches initiative to check pension schemes data ahead of dashboard deadline

The Pensions Regulator (TPR) has launched a regulatory initiative to check how defined benefit (DB) and hybrid pension schemes are preparing their value data ahead of the pensions dashboard deadline. 

The initiative will look at 240 private sector DB and hybrid schemes, focusing on their readiness and how up to date their value data is. 

The results will inform decisions on the timing of the MoneyHelper dashboard launch. 

TPR found that while work on member matching data is progressing, value data preparations are less advanced. 

Ben Gunnee, executive director of market oversight at TPR, said: “Data readiness goes beyond matching people to their pensions. 

“Schemes need to be ready to return the correct values to members. 

“If schemes do not prepare this information in advance, they risk overwhelming their administration teams and, more importantly, risk providing members with incorrect information.”

Gunnee added: “We will continue to support schemes through guidance, engagement and regulatory action where necessary to ensure dashboards deliver on their promise to help people plan confidently for retirement.”