The Department for Work and Pensions (DWP) has issued a written ministerial statement providing an update on the publication of connection guidance which includes the new staging timeline for connecting to pensions dashboards.

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Updated data standards for pensions dashboards published

  • Pensions Dashboards Programme releases updated version of data standards
  • Data standards set out how data returned on a dashboard must be formatted
  • Updated standards follow consultation and engagement in 2022 and 2023

The Pensions Dashboards Programme (PDP) has published an updated version of data standards, as industry prepares for connection to the dashboards ecosystem. This follows a commitment that data standards would be published to coincide with the Department for Work and Pensions (DWP) connection timeline in guidance.

These standards, covering the data requirements for finding and viewing pensions information, are mandatory for pension providers and schemes to connect to the ecosystem. They are there to help providers and schemes, and third party organisations connecting on their behalf, to build a common set of message handling tools to receive and reply with data.

PDP consulted on and published a draft version of data standards in 2022. Further engagement with industry on this draft took place in 2023, helping to shape this new version.

The Money and Pensions Service, through PDP, is empowered by law to set mandatory standards that will facilitate ongoing connection to the dashboards ecosystem. The other standards being refined are technical, reporting and design standards, as well as a code of connection, made up of security, service and operational standards. They will be published once they have been tested and validated with volunteer participants who are building a direct route to connection.

All standards are subject to final approval by the Secretary of State for Work and Pensions.

Chris Curry, PDP’s Principal, said:

“The publication of data standards is the latest sign of forward momentum on delivering pensions dashboards. It was important that we delivered data standards to coincide with the connection timeline in guidance published by DWP. Our iterative approach not only allowed us to refine these standards with our volunteer participants and others, but also ensured that we met our commitment, publishing 12 months ahead of wider industry starting to connect.

“Thanks to all those who’ve helped shape data standards, across industry, government and the regulators. We’re looking forward to working together on refining the remaining standards as we prepare for connection in 2025.”

View the updated data standards on PDP’s website.

ENDS

The Money and Pensions Service (MaPS) has established the Pensions Dashboards Programme team 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.   

About PDP

The Pensions Dashboards Programme has its own website where news, blogs and reports will be published regularly.

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  
  • working 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

Consumers can continue to access free guidance about their money and pensions via the MoneyHelper website or call 0800 138 7777.

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Author:
Pensions Dashboards Programme

Published: 01 May 2024

Last updated: 01 May 2024

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