The Pensions Administration Standards Association (Pasa) has published additional guidance on pensions dashboards, aimed specifically at master trusts.

The guidance outlines three key practical areas for master trust trustees to consider when planning their scheme preparation: data, technical considerations and the ecosystem, and legal requirements and compliance.

Although the guidance acknowledged that the topics are "common sense activities which are likely high on the agenda of master trusts", it also emphasised the need for trustees to have further discussions with qualified advisers in light of the "huge volume of activity required".

In particular, the guidance highlighted data accruacy as being of "fundamental importance", warning that it may be particularly challenging for master trusts to ensure data accuracy, due to the high proportion of deferred savers and the prevalence of legacy data.

However, it also outlined a number of steps master trusts can take to validate and enrich their data, including existence checks.

Furthermore, although the guidance acknowledged that it can be challenging for master trusts to evaluate the accuracy of data held given the potential number of participating employers and savers, it suggested that this work could be simplified using electronic communications, web portals and automated updates.

The guidance also outlined the options available to master trusts when connecting to dashboards, including using an interface built by the scheme’s third-party administrator or software / IT supplier, or building their own interface.

Commenting on the guidance, Pasa chair, Kim Gubler, stated: “With final regulations and standards expected later in the year, this guidance aims to support master trusts in preparing for the staged compulsory onboarding which begins in Spring/Summer 2023.

“Pasa has actively supported the development and preparedness of the industry on this topic through our dedicated Dashboard Working Group which has produced some very useful guidance.

"We recommend reading these existing Pasa publications alongside the dedicated Master Trust Guidance.”

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