Long-awaited pensions dashboard enters next phase

By Aisling Finn on Monday 22 June 2020

Savings and Investment

Today marks the start of six weeks of “informal market engagement” ahead of the official process beginning in Autumn 2020.

Long-awaited pensions dashboard enters next phase
Image source: Chris Curry/Pension Dashboard Programme

 

The Money and Pension Service (MaPS) has announced that the Pensions Dashboard Programme (PDP) has moved into the next stage of the building process.

The new platform will enable people to view all their pensions in one place, with the PDP having the responsibility to design and implement the new technology.

Today marks the start of six weeks of “informal market engagement” which will enable the PDP to evaluate the efficiency and capacity of potential firms who could supply the digital architecture needed to build the platform.

The six-week period is in preparation for the formal procurement process which is due to start later on this year.

Chris Curry, principal of the Pensions Dashboards Programme at MaPS, said: “The pensions industry faced significant challenges as a result of Covid-19 and the lockdown.”

“Firms were rightly focused on day-to-day operations and the immediate needs of their customers – but while that was going on, the Pensions Dashboards Programme has continued its work towards delivering the technology that will enable individuals to see all of their pensions information online, securely and all in one place.”

“The concept behind pensions dashboards is simple but there are still complicated technical and regulatory hurdles to overcome. The work of the next few months will be significant in helping us develop a timeline for the delivery of these services,” he added.

Earlier this year it was discovered by digital pension provider PensionBee that savers would only be able to view 61 per cent of pension pots on the new dashboard.

The research found that 61 per cent of pension pots (4,056) were found first time while just 13 per cent (877) would be partially found and 26 per cent (1,742) would not be found at all, with the fintech calling for “drastic action” to be taken to improve the service.

Alongside the market engagement, there will also be an industry-wide call for input relating to the scope and definitions of data which will run throughout July and August.

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Companies in this Article:

PensionBee