FCA confirms SIPPs must be on Pensions Dashboards

The Financial Conduct Authority has published a consultation paper today on Pensions Dashboards which explicity confirms that SIPPs will be included in Pensions Dashboards. The FCA consultation paper - CP22/3 - sets out the regulatory requirements pension providers will be obliged to meet to support the launch of Pensions Dashboards. The rules will require nearly all pension providers, including SIPP operators, to provide information to the dashboard. The aim will be the pension savers will be able to see all their pensions, including SIPPs, on the dashboards and can review performance and other key data. The FCA says that regulated pension providers will have a “critical role” in making the dashboards work. It says that the dashboards will “empower savers to engage with their pensions.” It expects the dashboards to enable pension savers to compare pensions much more easily. The FCA proposals outline key deadlines pension providers must meet for the connection of their personal and stakeholder pension schemes (including SIPPs) to MAPS’ digital architecture. This is in line with MAPS connection, security and technical standards. Providers must also be ready to receive requests to find pensions and search records for data matches and be ready to return view data to Pensions Dashboards. The dashboard will give consumers an online hub to find and view all their pension savings, including state, workplace and personal. It will bring together data to show how much they have saved and the projected values of their pensions at retirement. The dashboards will not initially allow transactions and it may take until 2026 until they are fully comprehensive. The FCA is inviting feedback on its proposals, detailed in CP22/3 published today, by 8 April. The FCA’s says its proposals will require pension providers to be ready to receive requests to find pensions and search records for data matches, as well as supply specified information for consumers to view on their chosen dashboard. The feedback will inform its ongoing work to support Pensions Dashboards, as well as the final rules the FCA intends to confirm in the Autumn. Later this year, the FCA will consult on the regulatory framework for operators of qualifying pensions dashboard services (QPDS). Sarah Pritchard, executive director of markets at the FCA, said: “We are one of many organisations involved in making the Pensions Dashboards a reality, and we are working closely with the Government and others in support of their rollout. We hope that the Dashboards are successful in making it easier for consumers to access and engage more pro-actively with their pensions and support decision making on retirement planning.” The Pensions Dashboard Programme (PDP) is the body established to get the dashboards off the ground and working. • CP22/3: Pensions dashboards: proposed rules for pension provider

FCA confirms SIPPs must be on Pensions Dashboards

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