Kate Smith, head of pensions at pensions firm Aegon, told HR magazine: \u201cAs there are thousands of pension schemes which will need to connect to the pension dashboard ecosystem in a relatively short time, it\u2019s important that schemes do stick to their connect-by dates, ensuring a smooth and orderly onboarding, avoiding chaos and a log-jam, and potentially losing their slot.<\/p>\n
\u201cThe Pension Regulator will be regularly in touch with schemes to ensure this happens.\u201d<\/p>\n
She added that the regulator has published its own dashboard guidance \u2013 also updated in March \u2013 which includes a tool for trustees, HR leaders and others to check their connect-by date.<\/p>\n
Its guidance also confirms that employers may be asked to help their pension providers\u2019 connection by improving the availability or quality of personal data they give providers.<\/p>\n
Smith added: \u201cIt\u2019s important that the contact details for the chair of trustees or nominated scheme contact are up to date on the Pension Regulator\u2019s online service, called \u2018Exchange\u2019.<\/p>\n
\u201cHR leaders can sign up to the regulator\u2019s newsletter to be kept up to date on the guidance. They also may wish to speak to their pension advisers for additional support.\u201d<\/p>\n
Employers will likewise have to keep their staff updated with the changes, according to Marcus Read, director of financial education at merchant bank Close Brothers.<\/p>\n
He told HR magazine: “Having line of sight of all of our pension plans, in theory, is a great addition to an individual\u2019s retirement planning, but it will no doubt raise lots of questions from employees about what they are looking at, and whether everything is as it should be.<\/p>\n
“With pension firms starting to connect up to the dashboard, one suggestion for HR and reward teams to consider is to speak to their pension provider, administrator or scheme manager as soon as possible, to ensure that everything is on track, and to find out what support they will offer.<\/p>\n
“The dashboard could be a great way of engaging or re-engaging colleagues on the importance of saving for later life, so a defined and engaging comms strategy should be put in place to raise awareness of what is coming, and the benefits of what it will do for future planning.”<\/p>","protected":false},"excerpt":{"rendered":"
Kate Smith, head of pensions at pensions firm Aegon, told HR magazine: \u201cAs there are thousands of pension schemes which will need to connect to the pension dashboard ecosystem in a relatively short time, it\u2019s important that schemes do stick to their connect-by dates, ensuring a smooth and orderly onboarding, avoiding chaos and a log-jam, […]<\/p>","protected":false},"author":1,"featured_media":2675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/posts\/2674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/comments?post=2674"}],"version-history":[{"count":1,"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/posts\/2674\/revisions"}],"predecessor-version":[{"id":2676,"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/posts\/2674\/revisions\/2676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/media\/2675"}],"wp:attachment":[{"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/media?parent=2674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/categories?post=2674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.talentcentralhr.com\/zh\/wp-json\/wp\/v2\/tags?post=2674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}