Latest update on pensions dashboards revealed
- Pensions Dashboards Programme (PDP) publishes latest progress update report
- Report highlights development of the infrastructure for dashboards and work on standards
- Focus areas up to April 2023 include industry readiness and testing with early participants
- PDP will host a webinar on 3 November 2022 discussing progress in more detail
An update on progress of the infrastructure for pensions dashboards has been released, with just 6 months to go until the first mandatory connection window opens for pension providers and schemes.
The Pensions Dashboards Programme (PDP) has published its sixth progress update report, setting out developments over the last 6 months and priorities up to April 2023. The report details PDP’s work on setting up the central digital architecture for dashboards as well as working with organisations on industry readiness.
Since April 2022, the technology build for the central digital architecture has been delivered, and PDP has been working with volunteer organisations to undertake early testing. PDP also ran a consultation on standards for dashboards and conducted research that found that a majority of people would use dashboards.
The programme will use the next 6 months to focus on getting industry ready for dashboards, refining standards and working with early participants on connection and testing.
You can read the progress update report here: https://www.pensionsdashboardsprogramme.org.uk/pur/
On 3 November 2022 between 11am and 12pm, PDP will be hosting a webinar to discuss progress on the programme in more detail. PDP’s Principal, Chris Curry, will be joined by The Pensions Regulator and the Department for Work and Pensions. You can find more details about the webinar, including how to join, here: pensionsdashboardsprogramme.org.uk/event/progress-update-report-webinar
Chris Curry said:
“As well as allowing users to view all their pensions together in a single, secure place, pensions dashboards will also connect people to pension pots that they may have ‘lost’. At the same time, dashboards will also open new opportunities for pension providers and schemes to engage their customers and members in a dialogue about their retirement savings. Crucially, this will supplement existing ways of communicating – ensuring that those without digital access are not excluded.
I remain grateful to those across government, industry, the regulators and others who continue to work together in a spirit of co-operation to make pensions dashboards a success.”
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 – 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) 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 visit the Money and Pensions Service website: www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following website: