The Pensions Dashboard Regulations come into force on 12 December 2022.
An Explanatory Note gives details of what the regulations are intended to achieve:
“Pensions dashboard services are an electronic communications service, which will allow individuals to see their pensions information (including the State Pension) in one place online. Pensions dashboard services will help individuals to be reunited with lost pensions and support people in better planning for their retirement. This instrument sets out requirements that need to be in place to enable pensions dashboard services to operate effectively.”
Again, the guidance states the following:
“Pensions dashboard services will be free to the consumer at the point of use. They will make it easier for people to access their pensions information which will help to improve individuals’ awareness and understanding of their pension and estimated retirement income. Pensions dashboard services, by providing people with access to their pensions information at a time of their choosing, will engender a greater sense of ownership of pensions, reconnect individuals with any lost pension pots, support the advice and guidance process, and enable more informed choices to be made when individuals access their pensions savings.”
https://www.legislation.gov.uk/uksi/2022/1220/contents/made
Related content from Claritax Books
Pension Tax Guide is a thorough and practical guide to the complexities of the UK pension rules, and to the part they play in legitimate tax planning. Suitable for accountants, tax specialists and other finance professionals, the book is written by Katharine Lindley, a client director with EQ Investors.
