Dashboard Lasagne: Pension Dashboard preparation is key or it’s a recipe for disaster!

Dashboard preparation is a bit like a good lasagne: it can look simple enough, but it is very easy to get it very wrong. It requires plenty of preparation and careful handling of a number of different ingredients in order for it all to come together.

As you delve into Dashboard preparation you will quickly realise that there are a number of layers. Each layer won’t provide much satisfaction in its own right, but if each ingredient can be added and layered in the right way, the end product will be a delight. In order to do this correctly, you will need a reliable recipe to clearly outline each step of the process. Similarly, it is essential that you have a robust plan in place to get Dashboard ready. A project plan will be one of your key documents, but this should be accompanied by other central tools such as a risk register, decision log, actions log etc.

The four layers to my ‘Dashboard’ lasagne are as follows:

Bolognese sauce – this is your connection to the Dashboard ecosystem, should you “Build or Buy”? Do you have the resources available to build your own connection? If it would suit you to connect via a third-party (an Integrated Service Provider) make sure you do your due diligence. You will need to make sure that you can easily exchange data bearing in mind it must be in a prescribed format and the data may need updating on a regular basis.

Pasta sheets – this is all things “Matching” – this should provide full coverage for your scheme and not allow any leakage! How are you going to match “Find requests” to members of your scheme? PASA guidance is a good place to start, but as you give it more thought the situation becomes more complex – keep an eye out for updated PASA guidance on this topic! Ultimately, Trustees need to have a matching criteria that is broad enough to match genuine members that may not have perfect data, without casting the net too wide and introducing the risk of matching to the incorrect members.

White sauce – data, it can be bland but it’s essential, this is what holds it all together right? How accurate is the member and benefit data that you hold? Is it accurate enough to be able to correctly match members? Is it complete enough to be able to provide the benefit information required? If remedial work is required make sure you plan accordingly, this will take a number of months. If the scheme has AVCs or multiple administrators, it is important to engage early and understand who will be providing this data to the Dashboard.

Cheese – governance – don’t just take a pinch of it for aesthetics, but this should be incorporated in all layers (not just your parmesan topping!). It is essential that Dashboards are on your Trustee meeting agendas; Dashboard preparation is not a 30-minute recipe, and the Regulator expects it may take many schemes 18 months to fully prepare. Are all the key stakeholders (scheme lawyers, software providers, administrators, Scheme actuary, etc.) engaged in the process and aware of their responsibilities?

If you plan ahead and have all your project management tools in place, you can avoid the “heat of the kitchen” and ensure you have the recipe for a seamless Dashboard connection.

Please get in touch to find out how we can help you with your Dashboards dashboard programme (or click here), I’ll leave the lasagne to Locatelli!

More in this series:

You’ve got mail! Pinning down your dashboards staging date

Dashboards - are you dashing ahead or seeking to delay boarding?