DB and hybrid schemes urged to act now to get their value data ready for dashboards
Ref: PN26-11
The Pensions Regulator (TPR) has launched a regulatory initiative (RI) targeting defined benefit (DB) and hybrid pension schemes to assess how they are preparing their data ahead of connecting to dashboards, to ensure their members get accurate, up to date information.
Around 2,600 schemes are required to connect to pensions dashboards by 31 October – with 75% of member records already connected. Schemes will need to match dashboards users to their pensions and return recent and accurate information to members about their pensions – within set legislative timescales.
Dashboards have the potential to transform how people engage with their retirement savings – but only if the information they see is complete and correct.
With the connection deadline approaching and the launch of the MoneyHelper dashboard on the horizon, TPR is urging schemes to act now.
The new RI will target 240 private sector DB and hybrid schemes, assessing how they are preparing to meet their dashboard duties, with a particular focus on the readiness and accuracy of value data. Insights from this work will help inform discussions on the timing of the launch of the MoneyHelper dashboard.
TPR’s Executive Director of Market Oversight, Ben Gunnee, 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.
“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.”
This latest RI builds on previous interventions which highlighted that schemes were making good progress on the data they need to find members.
However, preparations on value data were found to be less advanced, which is particularly an issue for DB and hybrid schemes. Unlike DC and some public service schemes, DB and hybrid schemes do not have existing obligations to issue annual benefit statements, meaning their value data is more likely to be out of date.
As there are more than 2,000 private sector DB and hybrid schemes in scope for dashboards, TPR is undertaking a deeper assessment to assess the risk that dashboard users will see incomplete or inaccurate information.
Schemes need to ensure that:
- The data on the value of members’ pensions is recent – within the last 12-13 months.
- Values are accurate. Inaccurate information could lead members to make poor retirement decisions, causing serious harm.
- Values are returned within strict timescales. If the value has been calculated recently, it must be returned within a few seconds. If it is out of date, schemes must calculate the value and return it within three days for DC pensions or 10 days in all other cases.
Notes for editors
- A total 2,600 schemes are in scope for connection to pensions dashboards by 31 October, including 2000 private sector DB or hybrid schemes.
- A regulatory initiative (RI) is a one-off, time-bound piece of external activity, which is focused on a specific theme or targets a specific risk.
- In 2024, a TPR regulatory initiative targeted schemes that submitted low or no scores in their scheme return. While many were taking steps to improve their data, value data (information about the value of a member’s pension) was typically less progressed than matching data (the personal data needed to identify dashboard users).
In 2025 a TPR regulatory initiative focused on the largest schemes, representing 80% of memberships in scope. These schemes had significantly increased their focus on data, including for dashboards, but further work was needed – particularly on value data. - TPRis the regulator of work-based pension schemes in the UK. Its mission is to protect members’ money, help to enhance the pensions system, and support innovation in the interests of members. Its statutory objectives are to:
- protect members’ benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and improve understanding of, the good administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only)
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