Legal & General (L&G) has become the first to successfully connect to the ‘live’ pensions dashboards system ahead of the first deadline for the largest companies at the end of this month.
The Pensions Dashboards Programme (PDP) announced today that the provider had finalised its connection in line with the staging timetable. Approximately 3,000 pension schemes and providers are due to connect to the system in stages over the next 18 months.
L&G, along with technology firms Heywood and Pension Fusion, passed the final stage of the connection process last month.
PDP said more providers and pension schemes had been registered and were “currently in the pipeline for connection” this month. However, not all are expected to hit the end of April deadline.
“PDP is working with all its volunteer participants to complete their connection journeys as soon as possible,” the organisation said in a statement. “This is a complex process involving different types of organisations.”
The Financial Conduct Authority and the Pensions Regulator have “provided reassurance they will take a pragmatic approach”, PDP said, with no regulatory interventions if a scheme is dependent on another firm for connection.
Oliver Morley, chief executive of the Money and Pensions Service (MAPS), which runs PDP, said: “The connection of the first pension provider is a testament to the hard work and dedication across industry, government and the regulators. It’s important that providers and schemes keep going with their preparations ahead of connection in line with guidance.”
He added that MAPS was set to begin user testing with its own MoneyHelper pensions dashboard this summer.
