The pensions regulations 2022 have been approved by Parliament, bringing employees one step closer to having access to view their pensions in one place.
Pensions dashboards will enable people to access their pensions information securely online and support better planning for retirement.
It will also help people find any lost pension pots from previous employment.
The Pensions Dashboards Regulations 2022 set out requirements for pension providers and schemes to connect to dashboards, and what organisations must do to provide a qualified dashboard service.
The Money and Pensions Service (MaPS), through the Pensions Dashboards Programme (PDP), has also been empowered to set standards that underpin dashboards legislation.
Chris Curry, PDP’s Principal, said: “Pensions dashboards will make accessing information on retirement savings easier, allowing people to view their pensions together in one place.
“Working with the pensions industry and regulators, we’ve made steady progress on delivering the central digital architecture for dashboards and drafting standards to create a safe and secure experience for users. In early 2023, we will begin connecting and testing with over 20 early participants.
“It’s less than six months until the opening of the first compulsory window for pension providers and schemes to connect to the dashboards ecosystem. We’re entering an exciting phase of the programme.
“The regulations are a major step in formalising dashboard duties and the authority of MaPS to set standards. We’re grateful to MPs and peers for their support and their constructive feedback.”