Timeline for development of pensions dashboards announced
- First version of data standards due in December 2020
- Indicative timing for availability of pensions dashboards laid out
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:
- Phase 1 (from 2020) – Programme Setup and Planning: Currently underway, upcoming steps in this phase include the programme agreeing the architecture, completing procurement for a supplier(s) for the digital architecture and setting the first version of data standards, which are expected to be published in December 2020.
- Phase 2 (from 2021) – Develop & Test: The PDP will work closely with the chosen supplier(s) to quickly begin building, integration and testing of the digital architecture of dashboards. The PDP will continue to develop design and service standards and select the first dashboard providers for user testing.
- Phase 3 (from 2022) – Voluntary Onboarding and Testing: The PDP will connect volunteer pension schemes and providers to the service, using real data.
- Phase 4 (from 2023) – Staged Onboarding and dashboards to be available: Schemes and providers will begin to be compelled (by law and FCA rules respectively) to connect to the dashboards ecosystem. It is expected that during this phase, there will be sufficient findable pensions so that dashboards will be ready to be offered to consumers. This is known as the ‘dashboards available point’.
- Phase 5 – Transition to Business as Usual: In this phase it is anticipated there will be a high level of coverage of people’s pensions, meaning that the service is running in a steady state and can be transitioned into an ongoing delivery and maintenance arrangement.
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.”
- Read October 2020 PDP Progress Update Report
- The findings from the responses received, Call for Input on data standards
- The qualitative research report from PricewaterhouseCoopers (PwC)
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:
- bringing together a programme team to lead the implementation of pensions dashboards.
- appointing an industry steering group to set the strategic direction of the programme.
- beginning work to create and run a non-commercial pensions dashboard – the MaPS Dashboard.
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: