Pensions dashboards to be tested by providers and volunteer schemes
09 July 2020
It has been confirmed that the Pensions Dashboards Programme (PDP) will commence extensive testing with individuals, dashboard providers and volunteer pension providers and schemes, following on from the anticipated publication of the first version of the pensions dashboards data standards later this year.
On 6 July 2020, the PDP, created by the Money and Pensions Service (MaPS) and formerly know as the Industry Delivery Group, released a call for feedback on two papers that were initially published back in April. The documents looked into ways in which to achieve comprehensive coverage across all pension sectors, and which data items should be included within the first version.
New requirements announced in the documents meant that Defined Benefit (DB) pensions could potentially be translated into an annual income in today’s terms. This would mean that trustees and administrators would need to undergo a substantial data exercise to comply with the project.
Pensions Minister, Guy Opperman, said:
“To fully realise the potential of dashboards, few things will be as important as getting the data standards right.
The data standards will set out the information that pension providers and schemes will be required to show their customers and members via dashboards, and the format in which data will have to be supplied.”
The call for input will close on August 31 2020, and the PDP will collate all of the responses and publish a summary. In the background, the body is establishing a data working group to progress work on technical issues, which will allow PDP to produce a first set of data standards, which will then be amended and finalised based on insights gathered from within the industry.
If you wish to respond to the call for input, then the relevant survey can be accessed here.
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