Lumera urges smaller pension schemes to prepare for wide usage of pensions dashboards

Lumera has urged smaller pension schemes to prepare for wide usage of pensions dashboards, warning that limited resources and historic data gaps could leave them facing disproportionate operational pressure. 

The company advised trustees to address data weaknesses ahead of the public launch of the MoneyHelper Pensions Dashboard, expected in the financial year 2027/28.

Many smaller schemes still need to connect to the dashboards ecosystem and lack dedicated project teams or specialist data functions. 

Some in-house schemes rely on one or two individuals for all administration, creating extra challenges, according to Lumera.

The Pensions Regulator’s (TPR’s) latest survey showed 65% of schemes with 600 to 999 members had completed all five key preparation activities 11 months before their connect by date, compared to 79% of schemes with more than 20,000 members. 

These activities included tracking progress at board meetings, discussing preparations with administrators, choosing a route to connection, having digital personal data, and confidence in data accuracy.

Maurice Titley, commercial director, data & dashboards at Lumera, said: “Small schemes face a double challenge – getting connected with limited resources and then managing the operational demands when pensions dashboards are used at scale by the public, which is expected to start with the launch of the MoneyHelper Pensions Dashboard (MHPD) in the next financial year.”

“While the priority, understandably, has been to connect to the pensions dashboards ecosystem ahead of the 31 October legal deadline, the focus now needs to shift to addressing data weaknesses ahead of public availability.