"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"
Phase 1 of the programme, which includes the setup and planning, is currently underway. MaPS says 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, will include developing and testing the dashboards, with voluntary onboarding and testing with pension schemes and providers expected to commence in 2022.
MaPS says that from 2023, 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.
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, added: “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.”
