Pensions Dashboards Programme releases latest update report
- Pensions Dashboards Programme (PDP) publishes eighth progress update report
- Report highlights preparations for connecting industry to the ecosystem
- Engagement will take place on connection guidance
The Pensions Dashboards Programme (PDP) has issued its eighth report on the delivery of pensions dashboards in the UK.
PDP’s progress update report details preparations to connect pension providers and schemes to the dashboards ecosystem, including when engagement will take place on connection guidance. Further information is also provided on the development of dashboards standards, as well as planning for user testing.
Provided every 6 months, the update looks back on progress since April 2023 and upcoming priorities.
PDP has been focusing on producing a new programme plan as part of its reset activity. This is to facilitate pension providers and schemes completing connection by the deadline of 31 October 2026 set out in law.
It has previously been announced that dates for pension providers and schemes to connect to the ecosystem will be set out in guidance. The progress update report provides further details on this, including that engagement with industry on the guidance will take place in autumn 2023.
PDP has also given further information about dashboards standards. Further engagement on standards will take place over winter 2023/24 on refinements. It is intended that data standards will be made available ahead of other standards, timed to coincide with publication of connection guidance.
User research and testing play a crucial role in developing and designing dashboards services. PDP will set up a user testing and planning group that will launch in early 2024 to work with industry to develop and coordinate plans for user testing. At the same time, PDP will regularly share updates and insights from user testing.
Chris Curry, PDP’s Principal, said:
“With the Government committed to helping people better understand their retirement savings, pensions dashboards will allow users to see all their pensions information together in one online and secure place. There is plenty of evidence to suggest that people are not as engaged with their pensions as they could be. Consumers and industry will benefit from dashboards.
“I remain truly grateful for the open and co-operative spirit demonstrated by all those involved in making dashboards a reality. Across industry, Government, the regulators and more, there has been a dedication to delivering a service that will help people be more engaged with their pensions, and I want to thank them for everything they continue to do.”
The full progress update report can be found on PDP’s website: https://www.pensionsdashboardsprogramme.org.uk/pur/
PDP hosted a webinar on 1 November 2023, discussing the contents of the report. You can watch the recording at https://www.pensionsdashboardsprogramme.org.uk/event/pdp-webinar-progress-update/
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: