Pensions Dashboard Programme releases timeline for development of dashboards
The Pensions Dashboards Programme is entering the next stage of the process to build the technology which will enable individuals to view their pensions via their chosen dashboard. The Pensions Dashboards Programme (PDP), set up by the Money and Pensions Service (MaPS), has responsibility for designing and implementing the ecosystem which will make pensions dashboards work.
Today (28 October), the PDP has published its second Progress Update Report which sets out a timeline for the development of dashboards. This timeline is published following extensive engagement with Government, regulators, industry, suppliers and consumer advocates. The PDP is also today publishing a summary of findings from industry and organisations representing potential dashboard users in response to a Call for Input exercise on data standards, and qualitative research with pension providers and schemes undertaken by Pricewaterhouse Coopers.
- 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 2020.
- Phase 2 (from 2021) – Develop & 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 and FCA rules respectively) 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. This is known as the ‘dashboards available point’.
- 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 Pensions Dashboards Programme at MaPS, said:
“As we set out a timeline for the delivery of pensions dashboards, which will enable people to see their pensions information online, securely and in one place, we are grateful for the industry’s valuable input to date which has helped us develop a robust roadmap for development.
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. We are working on defining our requirements for this, which will provide greater clarity. We will continue to work with industry to find and develop robust solutions to these and other challenges.
The first version of the data standards, which will be published in December, will enable industry to take action and take the next steps in making pensions dashboards a reality.”
Minister for Pensions and Financial Inclusion, Guy Opperman, said:
“Pensions dashboards will revolutionise retirement saving which is why it’s vital we get them right. 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.”
The PDP Progress Update Report is available here
The findings from the Call for Input are available here
The qualitative research report from Pricewaterhouse Coopers is available here