12 May 2023
The seventh update report from the Pensions Dashboard Programme (PDP) has been published. It provides further information following the delay announced in March 2023 and replanning work towards the programme’s reset period.
Pensions dashboards will help individuals view pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing. However due to the delays, no pension providers or schemes, or integrated service providers (ISPs) will connect to dashboards before the current first mandatory connection deadline of, 31 August 2023. The PDP is also going through a reset period, by working with a team from the Department for Work and Pensions (DWP), to establish a new delivery date. An update will be provided before parliament’s summer recess.
PDP Principal, Chris Curry said:
‘‘It’s important that industry continues preparing for pensions dashboards. Dashboards will make it easier to understand and view pensions savings together in a single, secure place online. They will also help people to reconnect with lost pension pots and create new opportunities for pension providers and schemes to engage customers and members about retirement savings.’’
In addition to this, PDP commissioned Ipsos to undertake research into users’ understanding of how their data will be used during the pensions dashboard journey. The research sought initial reactions to the concept of dashboards. The findings revealed that respondents felt that dashboards would make it simpler to track pension savings and find forgotten pots. Overall, the group felt that they would be more aware of their pensions and potentially more engaged with saving for retirement. Read the comprehension research here.
The PDP also believe that it is important that the industry progresses its preparations for dashboards. The programme will provide support and guidance to pension providers and schemes on what they can be doing. This includes:
- deciding on how to connect to dashboards – whether directly or through a third-party
- preparing data – ensuring pension information is accurate, up-to-date and in a digital format
- choosing matching criteria – which categories of data will be used to check whether a user has a pension with a specific provider
- increasing dashboards awareness – ensuring organisations know that dashboards are coming and that it is a regular agenda item for trustees’ meetings
- understanding legal and regulatory obligations –to become familiar with requirements and guidance from DWP, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA), as well as guidance from organisations like the Pensions Administration Standards Association (PASA).
The PDP states it will continue to engage with the industry to seek feedback on how existing guidance can be expanded and areas for further guidance.
The pensions dashboards ‘ecosystem’ can also be accessed here. This illustrates the importance of multiple parties and technical services being connected, in order to make the dashboard work.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.
