Pensions Dashboards Programme signs up seven major data providers for initial dashboards testing phase
- seven major pension organisations signed up for first test phase
- PDP anticipates a combined provider coverage of eventually over 30 million pensions from these seven volunteers
- Alpha participants will assist with testing of systems
- call for participants wishing to take part in subsequent testing phases
Today the Pensions Dashboards Programme (PDP) announces the successful recruitment of seven major pension organisations to its initial Alpha test phase of pensions dashboards. A number of software providers, insurers and third party administrators will work with the Programme and the successful central digital architecture supplier in the key Develop and Test phase of the programme.
The participating providers are:
- Aquila Heywood
- Legal and General
- Phoenix Group
The seven volunteers represent a potential combined provider coverage of over 30 million pensions, which will eventually be accessible to consumers via dashboards. Their early participation in testing will help create a strong foundation for later stages of the programme.
PDP is working closely with industry to prepare for dashboards
The Pension Schemes Act 2021 sets a framework for requiring pension schemes and providers to connect to dashboards, so that individuals can view their pensions in one place. Pension providers must prepare for this change, with compulsory onboarding to the dashboards ecosystem likely to commence during 2023.
Prior to that, PDP will work with volunteers to test the technology and processes that support pensions dashboards. During the Alpha stage, with the seven organisations announced today, PDP will develop dashboards technology; ensure that its processes make onboarding as easy as possible; and share the learning that it derives from this work across the pensions industry, to help all providers to prepare for connection to dashboards.
Ongoing recruitment for subsequent testing phases
From Summer 2022, PDP will steadily expand the number of volunteer data providers it works with. Dashboards will bring significant benefit to consumers, and early engagement from data providers will help to ensure that their pensions customers are among the first to benefit from dashboards. The programme is urging data providers to start preparing now, and to consider volunteering for early onboarding to help test dashboards, and to bring early benefits to your customers.
PDP is therefore inviting interested organisations to contact PDP at: firstname.lastname@example.org
Data providers (pension providers and schemes) can find a range of information relating to how best to prepare to connect to pensions dashboards at the data providers hub, which PDP published in May 2021.
Paul Noone, Head of Onboarding at The Pensions Dashboards Programme said:
“The willingness of such well-respected organisations to engage early with the dashboards ecosystem is hugely positive. It allows the programme to develop its systems and processes in tandem with some of the biggest pension providers in the market. The embracing of dashboards by these major providers sends a positive message to the wider industry about the advantages of early connection.
“We’ve already got some significant interest from providers, to work with us during subsequent testing phases of the programme but we’re still keen to hear from other organisations that would like to get involved. There’s no need to wait for the compulsory onboarding stages. Where data providers are ready to onboard early, we will support them to do so – indeed we encourage it. I’d urge them to get in touch as soon as possible.”
Chris Curry, Principal of the Pensions Dashboards Programme commented:
“We are delighted with the level of engagement we’ve encountered within the pensions industry. We are heavily reliant on our colleagues within the major pension providers for their collaboration at this stage and it’s really encouraging to meet with such a positive response.”
MaPS Press Office
0208 132 5284
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 has its own website where news, blogs and reports will be published regularly – https://www.pensionsdashboardsprogramme.org.uk/
MaPS’ role in developing pensions dashboards
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) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).
For further information visit www.maps.org.uk. Members of the public can get free guidance about their money and pensions via: