Pension dashboard operators launch new coalition

The new coalition - combining Just Group, L&G, Moneyhub and Standard Life - has launched to support a successful launch.

Related topics:  Later Life,  Pensions dashboard
Rozi Jones | Editor, Barcadia Media Limited
25th March 2024
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"The key to getting them done is very close collaboration, both across the industry, and also between industry and government."
- DOC Chair, Richard Smith

Four potential operators of pensions dashboards - Just Group, Legal & General, Moneyhub and Standard Life - are coming together to launch a new industry coalition.

Members of the Dashboard Operators Coalition (DOC) will collaborate with the government and regulators, to support the launch of dashboards to consumers as early as possible.

Last year, DWP confirmed that the Pensions Dashboards Programme's deadline has been pushed back until October 2026.

Together, the DOC says it aims to help address the "numerous remaining challenges" around test and launch.

The DOC added that "some critical topics haven’t yet had detailed attention", including:

• Pre-Connection Audit (PCA) scope: agreeing the optimal scope of statutory PCAs so dashboards’ adherence to PDP Standards delivers a consistent consumer experience.
• Identity Service integration: optimising dashboards’ integration with the central Identity and Consent Services for a seamless, yet secure, consumer user journey.
• DAP readiness assessment: supporting the Secretary of State’s assessment to make the Dashboards Available Point (DAP) launch notice as early as possible for consumers.
• Post-launch enhancements: providing rich and varied consumer feedback to inform iterative enhancements to dashboards, as has happened with European dashboards.

The DOC is being set up now as, earlier in March, new Treasury legislation came into force which made “operating a pensions dashboard service” a new FCA-regulated activity.

Independent dashboards consultant Richard Smith is leading the initiative. Richard led the development of the PDP Data Standards for dashboards in 2019/20, and is currently actively supporting the PLSA, PASA and Moneyhub on dashboards.

DOC Chair, Richard Smith, said: "My research tour of five continental pensions dashboards teams in 2023 confirmed to me that launching dashboards is a highly challenging endeavour. But the key to getting them done is very close collaboration, both across the industry, and also between industry and government.

“On the supply of data to dashboards, the Pensions Administration Standards Association (PASA) is working very closely with the government’s Pensions Dashboards Programme (PDP). Now, for the ‘front-end’ consumer experience of dashboards themselves, there needs to be an equivalent industry coalition, where dashboard operators can come together to share their questions, ideas and feedback to develop and maintain best practice for operating dashboards.

“We know from research reports that consumers desperately want to use commercial pensions dashboards, on apps they already use and trust (such as their banking or pension app). And they want to do this as soon as possible. So I’m very grateful to the first four firms (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) for taking the lead with this new Coalition. I hope other firms will see the benefits of joining the Coalition too, as they decide to offer their own dashboards.”

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