The Pensions Dashboards Programme is today publishing its first full report on the progress made so far and the work that needs to be undertaken before the service launches to the public.
Commenting on today’s update, Chris Curry, Principal of the Pensions Dashboards Programme at MaPS, said:
“The vision of the Pensions Dashboards Programme could not be simpler – to enable individuals to access all their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing.
“However, the delivery challenges underlying this vision are significant – even more so in the current circumstances. Delivering this valuable service for society will depend upon close collaboration across government, regulators and the pensions industry.
“The three documents that we’re publishing today are for information only. We are not asking you to take any action now, but we will engage with stakeholders when the time is right. In the meantime, we will continue with our work to make pensions dashboards a reality.
“Throughout the evolution of pensions dashboards, people have understandably wanted to know when they will be widely available for public use. Even when the impact of the coronavirus pandemic has decreased, timescales depend heavily on factors including technological developments and the progress of government legislation. We plan to lay out a more detailed timeline by the end of the year, but a staged onboarding process should be expected to allow data providers to get ready and for all the necessary user testing to be carried out.”
Pensions Dashboards will be ready to launch to the public when the following requirements have been met:
- the security of the ecosystem is fully assured
- the user experience has been thoroughly tested
- user behaviours have been understood and any adverse impacts or unintended consequences mitigated
- the service has coverage of enough pension memberships to meet users’ needs and be useful to a significant majority of people.
Today’s report spells out the scale of the task – involving 52 million adults being connected to up to around 40,000 providers and schemes. Existing challenges include establishing a sufficiently secure identity verification process, working out how to match people accurately to their savings and addressing the varying types and quality of data held by different providers.
The report, available in full here https://maps.org.uk/wp-content/uploads/2020/04/pdp-progress-update-report.pdf sets out proposed ways forward regarding user testing, sourcing an ID verification service, agreeing data standards and how the programme will work with partners to align regulation and legislation.
Two additional papers setting out thinking on the scope of dashboards https://maps.org.uk/wp-content/uploads/2020/04/pdp-data-scope-working-paper.pdf and the data elements required from pension providers https://maps.org.uk/wp-content/uploads/2020/04/pdp-data-definitions-working-paper.pdf are also being made available online. Industry views will be sought on these topics later in the year.
Regular progress reports will be provided every 6 months.
-ENDS-
For media enquiries contact:
MaPS Press Office 020 8132 5284 / media@maps.org.uk
Sarah Cordey, senior communications manager 020 8132 5251 / sarah.cordey@maps.org.uk
Notes to editors
The Money and Pensions Service (MaPS) has established the Pensions Dashboards Programme team (formerly known as the Industry Delivery Group), led by Principal Chris Curry, to design and implement the digital architecture that will make pensions dashboards work and which will enable individuals to view all their pensions data via their chosen dashboard.
Pensions dashboards will enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing. Dashboards will provide clear and simple information about an individual’s multiple pension savings, including their State Pension. They will also help them to reconnect with any lost pension pots.
Chris Curry appeared at the Work and Pensions Committee on 11 March 2020. He committed to publishing a progress update and two additional documents related to data standards in April 2020.
MaPS role in developing a pensions dashboard
Government has committed to facilitating the pensions industry to develop this initiative and has given specific responsibilities to us which include:
- bringing together a programme team to lead the implementation of pensions dashboards
- appointing an industry steering group to set the strategic direction of the programme
- beginning work to create and run a non-commercial pensions dashboard – the MaPS Dashboard.
About the Money and Pensions Service
The Money and Pensions Service (MaPS) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk
Consumers can continue to access free guidance about their money and pensions via the following websites and help lines:
www.moneyadviceservice.org.uk / 0800 138 7777