Published by: Augusta Hajalie  

The Pensions Dashboards Programme is entering the next stage of the process to build the technology which will enable individuals to view all their pensions via their chosen dashboard.

The Pensions Dashboards Programme (PDP), set up by the Money and Pensions Service (MaPS), has responsibility for designing and implementing the ecosystem which will make pensions dashboards work.

Today (28 October), the PDP has published its second Progress Update Report which sets out a timeline for the development of dashboards. This timeline is published following extensive engagement with Government, regulators, industry, suppliers and consumer advocates. The PDP is also today publishing a summary of findings from industry and organisations representing potential dashboard users in response to a Call for Input exercise on data standards, and qualitative research with pension providers and schemes undertaken by Pricewaterhouse Coopers.

Current and upcoming phases of the programme include:

Phases of programme

Chris Curry, Principal of the Pensions Dashboards Programme at MaPS, said:

“As we set out a timeline for the delivery of pensions dashboards, which will enable people to see their pensions information online, securely and in one place, we are grateful for the industry’s valuable input to date which has helped us develop a robust roadmap for development.

While dashboards are a simple concept, the delivery of dashboards will be complex and is reliant on collaboration between the PDP and many other organisations across Government, regulators, dashboard providers, pension schemes and providers to complete actions at a specific time.

Already, through the qualitative research and the Call for Input, industry has provided useful insight into the challenges of verifying people’s identities and matching them to pensions. We are working on defining our requirements for this, which will provide greater clarity. We will continue to work with industry to find and develop robust solutions to these and other challenges.

The first version of the data standards, which will be published in December, will enable industry to take action and take the next steps in making pensions dashboards a reality.”

Minister for Pensions and Financial Inclusion Guy Opperman said:

“Pensions dashboards will revolutionise retirement saving which is why it’s vital we get them right. I’m encouraged by the progress on the project to date, the sensible timetable for development incorporating testing, rigour and refinement, and the continued collaboration driving this forward.

“Bringing information to savers at the touch of a smartphone screen will transform how we all think about and plan our pensions, improving financial resilience for later life.”

-ENDS-

For media enquiries contact:
MaPS Press Office  020 8132 5284  /  [email protected]
Mia Cochrane 020 8132 4395 / [email protected]

Notes to editors

The Money and Pensions Service (MaPS) has established the Pensions Dashboards Programme team, led by Principal Chris Curry, to design and implement the ecosystem that will make pensions dashboards work and which will enable individuals to view all their pensions data via their chosen dashboard. Pensions dashboards will enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing. Dashboards will provide clear and simple information about an individual’s multiple pension savings, including their State Pension. They will also help them to reconnect with any lost pension pots.

The Pensions Dashboards Programme now has its own website where news, blogs and reports will be published regularly – https://www.pensionsdashboardsprogramme.org.uk/

MaPS’ role in developing pensions dashboard

Government has committed to facilitating the pensions industry to develop this initiative and have given specific responsibilities to the Money and Pensions Service (MaPS) which include:

About the Money and Pensions Service

The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’

MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.

MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.

For further information www.moneyandpensionsservice.org.uk

Consumers can continue to access free guidance about their money and pensions via the following websites and help lines:

www.moneyadviceservice.org.uk  /  0800 138 7777

www.pensionsadvisoryservice.org.uk  /  0800 011 3797

www.pensionwise.gov.uk  /  0800 138 3944