Pension Dashboard Rules Published
Published / Last Updated on 15/02/2022
The Financial Conduct Authority yesterday published it's draft rules for pension providers on the pensions dashboard.
What is a Pension Dashboard?
Pensions dashboards will let you see all of your pension pots including state pension forecasts together online, in one place. This will enable you to get an overview of your retirement position.
According to the Association of British Insurers (ABI), the average saver will have eleven different pensions when they retire.
New FCA Dashboard Rules
The rules will require nearly all pension providers, including SIPP managers, to provide information to the dashboard and the FCA suggests this is critical to the success of the pension dashboard.
The FCA expects nearly all private pension, workplace pension and state pension agencies to be able to search records, find people and their pensions and then supply information to the pension dashboard provider in a set format by 2023. The dashboard display that information alongside your other pension details to enable you to have a clear view of your retirement position.
Comment
We are looking forward to the launch of pension dashboards and will fully integrate these services when available.