The Pensions Administration Standards Association (Pasa) has published new guidance on how the industry should respond to member queries about the new pension dashboard.
Pasa says this guidance is designed to ensure providers, service centres and administrators provide simple, factual and consistent information to consumers. It adds that providers should expect to see an uptick in enquires as the launch of the government-backed MoneyHelper dashboard approaches.
The guidance covers a range of common questions, including who pensions dashboards are for, what information they’ll show, when they’re expected to be available, how saver data will be protected and how individuals can start tracing pensions now.
Pasa says this guidance should encourage savers to keep their personal details up to date with schemes and providers ahead of dashboards launch. It also signposts those wishing to trace pensions now to existing resources, including the government’s pension tracing service and National Pension Tracing Day resources.
Pasa adds that this should be treated as an interim resource and adapted by schemes, providers and administrators to reflect their own processes and the latest available information.
Pasa chair David Fairs says: “Dashboards will represent a major change in how people access information about their pension savings. While dashboards aren’t yet available to the public, awareness is building and some members are already starting to ask questions.
“It’s important 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. They also need to understand dashboards are intended to help them find and view pensions information, not to make transactions or retirement decisions directly through a dashboard. This interim Guidance gives administrators, providers and service centres a practical starting point for those conversations.”
Shaily Sodha-Carr, a strategic partner at Gallagher and chair of Pasa’s engagement and communication working group adds: “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. It provides simple suggested wording on key issues including security, what information dashboards will display, how savers can prepare and where they can go now if they want to trace
pensions they may have lost touch with. As the programme develops, Pasa will continue to monitor progress and update the guidance where appropriate.”
The guidance is available on the PASA website here.
