michaela-damm.jpg
blocshop
September 03, 2024
0 min read

UK Pensions Dashboard Compliance: Deadlines, Transition Steps, and the Use of AI-driven Data Mapping

roro665_uk_pensions_dashboard_reform_magazine_cover_collage_-_1888e056-80f6-4aac-958c-bf02b128a7d3_1.png

The UK Pensions Dashboard Programme is the result of a significant regulatory development that's aimed at improving transparency and accessibility for the UK's pension holders. Under the Pensions Dashboards Regulations 2022, all pension schemes must connect to a centralised digital platform, allowing individuals to view all their pension entitlements in one place. This initiative imposes strict deadlines and introduces detailed data submission requirements on the UK's pension funds which must manage the transition and implement data mapping and data conversion processes to ensure compliance with the new rules.

Understanding the compliance deadlines

The Pensions Dashboards Regulations 2022 set out a phased approach for pension schemes to connect to the dashboard infrastructure, based on their size. The initial instructions counted with transition starting between April 2023 and September 2024. These deadlines were later updated and are currently as follows:

  • Large pension schemes depending on the size and type of pension scheme, schemes with more than 1,000 members must connect between April and November 2025. This includes schemes with the largest number of members, making up a significant portion of the UK's pension landscape.

  • Medium pension schemes with between 100 to 999 members must follow the initial wave as the program progresses, and have until January to September 2026 to connect.

  • Small pension schemes and generally all pension schemes, regardless of size, must be fully connected to the dashboard by 31 October 2026. This extended deadline accounts for the typically limited resources of smaller pension providers (make sure to check out the entire schedule and compliance conditions).

Missing the deadlines risks regulatory penalties but could also damage a pension scheme’s reputation by eroding trust among its members who expect their pension data to be accessible through the new dashboard.

Transition steps for pension fund trustees or administrators

To meet all the set regulatory requirements, pension funds must manage the transition of their data and systems to comply with the Pensions Dashboard Programme:

Step 1: Understanding and aligning with data standards

The Pensions Dashboards Programme has established detailed data standards that dictate how pension information must be formatted. These standards cover a range of data points, from personal identification information to detailed pension value calculations. Pension fund trustees or administrators must first understand these standards to ensure their data is compatible with the dashboard.

Step 2: Data audit

A thorough audit of existing data is the foundation of the transition process. This audit should identify any discrepancies, outdated records or missing information. Given the complexity of legacy systems, especially in older schemes, this step is essential to make sure that all data is complete, accurate, and ready for conversion to the dashboard.

Step 3: Data cleansing and standardisation

Following the audit, data must be cleansed and standardised. Data cleansing involves correcting errors, filling in gaps, and removing duplicates, while standardisation ensures that the data conforms to the required format set by the dashboard standards. This step is critical as it prevents any integration issues later in the process​.

Step 4. Mapping data to the Dashboard requirements

Data mapping is the process of aligning existing data fields within a pension scheme’s system to the required fields in the dashboard’s format. This is where the complexity of the transition often becomes most apparent, especially for schemes with large and varied datasets. Without efficient mapping, data could be misaligned, leading to errors when the dashboard goes live. It's also a step in the process where applying generative AI tools can be extremely efficient.

Step 5: Integration and testing

Once data mapping is complete, it's time for the data to be integrated with the dashboard’s digital infrastructure. This step involves rigorous testing to see if data flows correctly and the information displayed on the dashboard is accurate and reliable. Any issues discovered during testing must be resolved before the system becomes operational.

Step 6: Establishing ongoing compliance processes

Compliance with the dashboard’s requirements is not a one-time task. Pension schemes must establish ongoing data governance practices, including regular audits, updates, and monitoring, for the data to remain accurate and up-to-date so that pension scheme members can rely on the information provided by the dashboard​.

Accelerating data mapping and data conversion with AI-driven solutions

Given the complexity and volume of data involved, AI-driven data mapping offers a powerful solution for pension funds in this transition phase. Generative AI can significantly speed up the process and enhance the efficiency of data mapping and data conversion, providing several key benefits:

  • Automation of the mapping process: AI can quickly identify relationships between data fields in legacy systems and the required fields in the dashboard format, automating what would otherwise be a manual and time-consuming process​.

  • Improved data accuracy: AI tools can analyse large datasets with greater accuracy than human operations staff members, detecting inconsistencies and anomalies that might be overlooked. This ensures that the data mapped to the dashboard is as accurate and reliable as possible.

  • Adaptive learning and scalability: AI tools can learn from the data they process, continuously improving their performance over time. They also provide scalable operation, making them ideal for larger schemes with extensive datasets. This adaptability is particularly valuable as new regulations emerge or existing ones are updated.

What next? Consult with experts on digitisation and data conversions

Pension funds facing the complex requirements of the Pensions Dashboard Programme can greatly benefit from partnering with companies like Blocshop, which specialises in generative AI-driven data mapping and conversion and can help to automate the labor-intensive process of aligning pension data with the stringent standards set by the dashboard.

Using AI, Blocshop can rapidly map legacy data systems to the required formats, increasing efficiency in data transformation. This would allow pension schemes to meet compliance deadlines more easily, reduce operational costs, and mitigate the risks of data inconsistencies or regulatory penalties, ensuring a smooth transition into the dashboard ecosystem until October 2026.

Would you like to consult data mapping and data conversion with Blocshop?

LET'S TALK


Learn more from our insights

roro665_data_transformation_from_one_format_to_another_with_g_91332f66-93b0-48d8-9d5e-a8609529cbb7_3.png
September 25, 2024

Generative AI-powered ETL: A Fresh Approach to Data Integration and Analytics

ETL meets generative AI. See how AI-powered ETL redefines data integration and brings more flexible data processing and analytics across industries.

roro665_uk_pensions_dashboard_reform_magazine_cover_collage_-_1888e056-80f6-4aac-958c-bf02b128a7d3_1.png
September 03, 2024

UK Pensions Dashboard Compliance: Deadlines, Transition Steps, and the Use of AI-driven Data Mapping

How AI-driven data mapping can support UK Pensions Dashboard compliance. Understand key deadlines and steps for efficient data conversion and transition to the UK Pensions Dashboard.

roro665_a_cover_image_depicting_data_conversions_and_compliance_c8ddf35a-cc0f-447a-abb7-0f4b1f14bb64 (1).png
August 23, 2024

Using AI for data conversion and compliance in the banking sector

Discover how AI transforms data conversion and compliance in the banking industry, optimizing processes while managing risks.

ai_applications_in_banking_and_banking_technology_blocshop.png
August 14, 2024

AI Applications in Banking: Real-World Examples

Explore how major banks are using AI to enhance customer service, detect fraud, and optimize operations, with insights into technical implementations.

20221116_153941.jpg
July 31, 2024

From Concept to MVP in Just 12 Weeks with Blocshop

Blocshop delivers your MVP in 12 weeks, solving real pain points with agile sprints, daily scrum meetings, and fortnightly reviews. Here's the process explained.

chatgpt4_ai_integration_blocshop-transformed.png
July 19, 2024

ChatGPT-4: An Overview, Capabilities, and Limitations

The technical aspects, usage scenarios, and limitations of ChatGPT-4, including a comparison with ChatGPT-4o.

roro665_depict_a_data_sample_thta_completely_changes_its_form_725a4f20-ea40-4dd1-a68d-5c4327c9bf24_1.png
June 20, 2024

Generative AI used for data conversions and reformatting

How to use generative AI for data conversion, addressing integrity, hallucinations, privacy, and compliance issues with effective validation and monitoring strategies.

DALL·E 2024-05-30 09.37.01 - An illustration suitable for an article about ISO 20022. The scene should feature a modern, sleek representation of the ISO 20022 logo in the center. .webp
May 28, 2024

ISO 20022 Explained: A Comprehensive Guide for Financial Institution Managers

What is ISO 20022? How does it affect companies and institutions in the fintech and banking industry and how to prepare for its adoption? All explained in this article.

DALL·E 2024-05-22 20.55.08 - A detailed and high-quality DSLR photo of a person using a laptop to shop online, showing personalized product recommendations on the screen. The back.webp
May 16, 2024

Key AI Trends in E-commerce and Overview of AI integrations for E-commerce Platforms in 2024

Transform your e-commerce platform with AI tools for personalization, analytics, chatbots, search, and fraud detection. Boost sales and improve customer experiences.

eIDAS mark.png
May 09, 2024

Digital Identity and Payment Services in the EU in 2024: Key Updates

eIDAS 2.0 and PSD3 are set to enhance how digital identities and payment services are managed across the European Union in 2024. Here’s an overview of how each framework contributes to the digital landscape of the EU, what to expect, and how to prepare.

eIDAS 2 in fintech and open banking EU market.png
May 06, 2024

What is eIDAS 2.0 and EU Digital Identity Wallet and how will it change the EU digital market

Learn how eIDAS 2.0 and the EU Digital Identity Wallet will transform digital transactions and identity management across the European Union.

best large language models for ERP systems.png
March 31, 2024

Language Models Best Suited for Integration into ERPs

Four prominent large language models stand out for their compatibility and effectiveness in ERP system processes and automation. See what they are.

PSD3 in open banking Blocshop.png
April 23, 2024

PSD2 vs. PSD3: The Evolution of Payment Services Regulation

What is PSD3 in open banking? See how PSD3 compares to PSD2 and what should banks and fintech businesses do to ensure regulatory compliance in the EU market.

roro665_hands_working_with_a_laptop_in_a_modern_office_there_is_20dca307-c993-4539-99d7-fd5ca264248c.png
April 14, 2024

Enhancing ERP Systems with AI Chatbots

Explore how AI chatbots can transform ERP systems, enhancing efficiency, decision-making, and user interaction.

eIDAS in fintech and open banking EU market.png
April 29, 2024

eIDAS: The regulation helping secure Europe's digital future

See how eIDAS enhances EU digital transactions with secure identity verification, supporting e-commerce and public services across Europe.

hybrid ERPs.png
March 21, 2024

Hybrid ERP: An Innovative Approach to Enterprise Resource Planning

Hybrid ERP is a blend of cloud and on-premise solutions. With expertise in both, Blocshop is uniquely positioned to help you with hybrid ERP development and implementation.

0-4 cover.png
October 03, 2023

IT Staffing: Individual Hiring vs. Specialized Developer Teams

Should you hire individual developers or go for a specialized, custom-built developer team?

chatgpt-35-limitations.jpg
July 17, 2023

ChatGPT-3.5: An Overview and Limitations

In this article, we'll take a closer look at the capabilities and limitations of ChatGPT-3.5, providing you with a comprehensive overview of what it can do and what its boundaries are. So, let's delve into the inner workings of this large language model.

gpt4 vs gpt3-5 and the key differnces.png
June 15, 2023

A Deep Dive into GPT-4 vs GPT-3.5 Differences and Ability to Revolutionize Software Development

There are key differences between ChatGPT-3.5 and ChatGPT-4 that software developers and companies procuring software solutions alike should be aware of. Let's see how these differences affect the output generated by these models on specific examples.

ai-development-cto-2023.jpg
May 09, 2023

AI-powered software development: What CTOs need to know in 2023

As technology continues to evolve at a rapid pace in 2023 and beyond, CTOs must stay ahead of the curve by utilizing predictive analytics, automated testing processes, and deployment solutions.