Pensions dashboard timeline announced

The Pensions Dashboard Programme (PDP) is entering the next stage of the process to build the technology which will enable individuals to view their pensions via their chosen dashboard.

Set up by the Money and Pensions Service (MaPS), it has responsibility for designing and implementing the ecosystem which will make the system work.

A second progress update has set out a timeline, published following extensive engagement with government, regulators, industry, suppliers and consumer advocates.

Current and upcoming phases of the programme include:

Phase 1 (from 2020) - Programme setup and planning: Currently underway, upcoming steps in this phase include the programme agreeing the architecture, completing procurement for a supplier(s) for the digital architecture and setting the first version of data standards, which are expected to be published in December.

Phase 2 (from 2021) - Develop and test: The PDP will work closely with the chosen supplier(s) to quickly begin building, integration and testing of the digital architecture of dashboards. The PDP will continue to develop design and service standards and select the first dashboard providers for user testing.

Phase 3 (from 2022) - Voluntary onboarding and testing: The PDP will connect volunteer pension schemes and providers to the service, using real data.

Phase 4 (from 2023) - Staged onboarding and dashboards to be available: Schemes and providers will begin to be compelled by law to connect to the dashboards ecosystem. It is expected that during this phase, there will be sufficient findable pensions so that dashboards will be ready to be offered to consumers.

Phase 5 - Transition to business as usual: In this phase it is anticipated there will be a high level of coverage of people’s pensions, meaning that the service is running in a steady state and can be transitioned into an ongoing delivery and maintenance arrangement.

Chris Curry, principal of the PDP at MaPS, said: “While dashboards are a simple concept, the delivery of dashboards will be complex and is reliant on collaboration between the PDP and many other organisations across government, regulators, dashboard providers, pension schemes and providers to complete actions at a specific time.

“Already, through the qualitative research and the call for input, industry has provided useful insight into the challenges of verifying people’s identities and matching them to pensions,” he continued, adding: “We are working on defining our requirements for this, which will provide greater clarity.”

Minister for pensions Guy Opperman, said: “I’m encouraged by the progress on the project to date, the sensible timetable for development incorporating testing, rigour and refinement, and the continued collaboration driving this forward.

“Bringing information to savers at the touch of a smartphone screen will transform how we all think about and plan our pensions, improving financial resilience for later life.”

Commenting on the timeline, Royal London pension specialist Helen Morrissey said: “After already progressing at a snail’s pace for some time it is hugely disappointing to see this project further delayed.

"Of course, such projects are complex but the potential that dashboards have to help people take control of their retirement planning is huge and must be grasped - every delay risks letting down a generation of savers.”

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.