Laura Trott/UK Parliament.
Pensions Dashboard’s second “reset” pushes delivery back to 2026
The new deadline is nearly a decade after the project first began.
This latest nearly three-year delay is just the latest in a long series of embarrassing issues that have plagued the plan to give consumers a single overview of all their various pensions in one place.
Originally conceived by Chancellor George Osborne back in 2016, the ambitious project initially had to be “reset” in 2019 after reaching its intended launch date, then had its planned launch subsequently delayed from 2022 to 2023, at which point it was again “reset” by the government.
“More time is needed to deliver this complex build, and for the pensions industry to help facilitate the successful connection of a wide range of different IT systems to the dashboards digital architecture,” Trott told parliament yesterday.
Furthermore, Trott said a new staging timeline for the pensions sector to prepare for the dashboard will now be put together following consultation with the industry.
She also added that pensions dashboards may be available sooner than October 2026, however, this would likely rely on providers being ready to offer their data before the mandatory deadline.
“As we have said before, we should not let the perfect be the enemy of the good, and having a starting point that can be continuously refined and optimised is preferable,” said Samantha Seaton, CEO of Moneyhub, the open finance provider and a partner in the Pensions Dashboard project.
Moneyhub pointed out that the largest master trusts and personal pension providers are ready to connect to the ecosystem and start delivering the benefits investors deserve.
“While appreciative of the complexities of the Pensions Dashboards Programme, the fact remains that people need to be able to retire and to live an appropriate lifestyle that a G7 country can be proud of.”