PDP webinar: progress update

The data standards changes are undergoing final review internally before being shared with our volunteer participants and published, which PDP are looking to do as soon as possible.

We cannot be specific on timing. However will continue to communicate any updates and keep industry informed of developments. We also expect to publish an updated code of connection and a draft reporting standards in the coming weeks.

The draft data standards do not assert that National Insurance numbers are verified, since this was not expected to be the case. There is a field available to indicate whether or not a National Insurance number provided is verified.

We are aware of how important it is to share what the dashboard will look like and how it will work. The Money and Pensions Service (MaPS) is considering how and when to do this and further information will be shared as soon as possible.

It is essential that pensions dashboards work for consumers and that users have confidence when using the dashboard service which will help to inform better retirement planning.

It is prudent to allow a period of learning while only the MoneyHelper dashboard is operational to help understand consumer behaviour, before facilitating the connection and launch of commercial dashboard operators.

The launch of commercial dashboards will also be dependent on those providers undertaking several preparatory activities, including securing FCA authorisation to operate a pensions dashboard service. Furthermore, the publications which potential commercial dashboard providers require to prepare for the connection and launch of their dashboards, particularly PDP’s design standards and DWP’s third-party audit information, for example, have not yet been published. Insights gained from the live testing of the MoneyHelper dashboard will help to inform some of these publications (such as PDP’s design standards) and will also help to inform the connection and testing journey of commercial dashboards.

It is therefore not possible at this stage to say what the gap will be between the launch of the MoneyHelper dashboard and commercial dashboards. We will continue to engage with industry and provide updates once the timeline for this work is clearer.

MaPS intends to share its outline plan for user testing over the coming weeks to gather feedback from industry before finalising the plan. The period of testing will be outlined as part of the draft plan.

An important part of the planning for the MoneyHelper pensions dashboard is around how best to raise awareness of it.

Advertising widely has not started, so as not to create a demand that cannot be supplied. It’s important to look at dashboards as part of a wider piece around planning for retirement more generally, and helping encourage people to engage with their pensions.

We look forward to working with industry and partners to develop our approach.

User testing will be carried out to inform the ongoing design and development of the MoneyHelper pensions dashboards service. An important aspect will be the user’s experience, ensuring that it is positive, effective and stable. It will include testing and validating the end-to-end user journey, and making sure that the MoneyHelper dashboard service meet users’ needs, particularly around accessibility.

User research and testing already plays a part in the development and design of the service. It includes user research carried out by the MoneyHelper dashboard team, for example, to inform their initial design and build.

However, once connection begins, MaPS will then be able to commence the all-important testing of the live service with real data. This will begin with very small volumes initially and gradually increase in the run-up to dashboards being publicly available.

Testing with real data will help provide assurance that dashboards standards are fit for purpose, and will inform future updates as well as decisions about when dashboards will be made widley available to the public.

To ensure transparency for industry and other interested parties, MaPS is committed to regularly sharing updates and insights from user testing. Further information will be provided on what this will look like closer to the first connection date in guidance on the staged timetable for connection.

PDP and MaPS have begun some engagement with industry on the outline plan for user testing and are considering plans for broadening this out over the coming weeks and months to help finalise the plan.

PDP and MaPS will start with small volumes of users to begin live testing and build up gradually. We will share our plans with industry over the coming weeks and months.

The provision of State Pension data for dashboard services is progressing well. PDP continues to work with DWP to support their connection.

The Government remains confident that State Pension information will be one of the first elements to connect to pensions dashboards and will be available to users of the MoneyHelper pensions dashboard once this becomes available for public use.

TPR is expected to publish the results of its readiness survey, but the timing of this is yet to be confirmed.

In the meantime, TPR is considering how best to communicate the insights received to date from both the survey and industry engagement. This includes sharing insights with industry bodies but also in speaking events.

TPR writes out to the chair of trustees of trust-based schemes, and the scheme managers of public service pension schemes and other schemes without trustees.

On 7 November 2024 the FCA published their regulatory framework for pensions dashboard service firms.

Policy Statement PS24/15 and final Handbook rules set out the FCA’s regulatory framework for pensions dashboard service firms.

Read the policy statement.

Under the Government’s Pensions Dashboards Regulations 2022, the date on which commercial dashboards will be launched to the public is a matter to be determined by the Secretary of State, not by the FCA.

In the 22 October 2024 ministerial statement, the Minister for Pensions:

• confirmed it is too early to confirm a launch date for public use of dashboards
• directed PDP to focus on the launch of the MoneyHelper dashboard before connecting commercial dashboards.

Publication of the FCA rules allows firms to start considering and preparing their prospective business models, service design, research and testing well in advance of the FCA opening its gateway to accept applications to become pensions dashboard operators.

Every pension provider and scheme will require a unique registration code, a secure identifier supplied by their regulating body, to complete the scheme onboarding process which is a precursor to enabling connection to the dashboards ecosystem.

The scheme or provider will be required to supply to MaPS the registration code alongside other details, including the provider or scheme’s name and their regulator number. Pension providers subject to the FCA rules must apply to the FCA for their registration codes. These codes, once issued, are valid for 30 days.

The application form for these codes will be made available on the FCA website early 2025.

Connecting and launching the MoneyHelper pensions dashboard ahead of commercial dashboards does not necessitate a change in the Regulations. Any future proposed changes to the Regulations would be consulted on in the usual way.

For example where areas are specific and difficult to put in practice and be fully compliant? Will the regulators be lenient in potential breaches in areas that are widely problematic for industry?

The regulators are committed to taking a pragmatic approach to compliance and are focused on saver outcomes. They will consider a range of factors before deciding whether to take regulatory action, including the nature and scale of the impact on members, and the numbers of members affected, in determining our course of action.

The regulators recognise that some requirements on schemes and providers may be challenging for industry to meet. However, it is essential that risks to savers are limited, and schemes and providers should take prompt and effective actions to investigate and correct any issues.

PDP, TPR and FCA are grateful for the feedback they have received on problem areas, and will look to continue to work collaboratively with industry to develop solutions. However, only DWP has the power to amend or disapply regulations. If necessary, the legislative framework may evolve to reflect learnings from user testing. If changes are proposed, they would be subject to public consultation and ministerial agreement.

PDP is continuously learning from the experiences of our volunteer participants making improvements to the connection journey, and meet with them regularly to share lessons learned and address issues.

We also engage industry through a range of forums such as the Pensions Administration Standards Association (PASA) and Association of British Insurers (ABI) dashboard working groups and via TPR’s forum for third party administrators. We are open to suggestions for broader engagement and can be contacted via the support hub on our website.

As of November 2024, 2.9 million people have GOV.UK One Login accounts, of which 1.25 million have identities verified.

GOV.UK One Login will be the one system for accessing government services and work with all government services on migration plans for existing customers.

GOV.UK One Login is a custom-developed identity solution by HM Government, and is separate to the product offering from One Identity.

User journeys and data requirements can be found online on the GOV.UK One Login website.

It is for each provider or scheme to define their matching approach and, where a match is made, to share that information to the dashboard. In the example given, it may be that company A and company B hold their records in different ways and have different matching approaches, but each should be seeking to make matches and return view data in accordance with the legislation. In this scenario, company A would return information even if company B does not match.

As PDP embarks on user testing we will work with industry and delivery partners to monitor and assess the end-to-end user journey and how we can meet the needs of the user throughout. We will use a number of channels to communicate insights, including by working with TPR and the FCA.

It is for the trustees and scheme managers of occupational pension schemes to ensure that all relevant benefits are shown on pensions dashboards. They must work with all relevant parties, including AVC providers, to make sure this happens. The Pensions Administration Standards Association (PASA) recently published materials to support trustees, scheme managers and administrators when dealing with AVCs.

In addition, TPR and FCA will be engaging directly with AVC providers over the coming months.

DWP is working with its delivery partners to better understand the costs versus benefits for industry and consumers of standardising calculation dates. User testing will be important in identifying any challenges savers face in understanding any of the data provided to them. If necessary, the legislative framework may evolve to reflect learnings from users’ experience. If changes were proposed, this would be subject to public consultation and ministerial agreement.

The dashboard available point relates specifically to commercial dashboards. As set out in the Minister for Pensions’ written statement on 22 October 2024, the MoneyHelper dashboard will be launched ahead of commercial dashboards to help provide better insights into customer behaviour, and ensure greater confidence in a range of areas before facilitating the connection of commercial dashboards.

It is too early to confirm any launch plans or dates for the MoneyHelper pensions dashboard. Progress will be monitored to provide confidence that the service is safe, secure, and operationally reliable, and delivers a good user experience.

Government remains committed to providing industry with sufficient notice before the MoneyHelper dashboard is made available to the public.