Industry experts have raised significant concerns about the rollout of pension dashboards and the future of private sector dashboards, citing regulatory restrictions, data challenges, and uncertainty around launch timelines.

Speaking at a Work and Pensions Committee meeting, Pensions Dashboard Operators Coalition volunteer independent chair, Richard Smith, warned that the UK government is mandating the whole of the pensions industry to connect to an ecosystem that remains untested with live, real consumer data starting in April 2025.

He also expressed concern that delays in developing regulated private sector dashboards could result in inefficiencies, as most consumers prefer using trusted apps to access financial information, calling it a “real problem”.

Smith also emphasised that dashboards should not only reveal inadequate estimated retirement incomes (ERIs) but also offer actionable solutions.

“Adequacy is a very, very personal thing. MoneyHelper cannot help you with a click-through to do something about it. Private sector dashboards enable you to click through and top up your contributions,” he continued.

“I worry that if we have an extended period of MoneyHelper we are just creating more fear by just showing people ERIs that aren’t enough to live on and not giving them help to do something about it.”

Moneybox head of personal finance, Brian Byrnes, questioned whether private sector dashboards would be launched anytime soon, speculating they may not arrive until 2029 or 2030.

“We don’t have a launch date for the MoneyHelper dashboard so I’m sceptical whether we're going to get a subsequent launch date for private sector dashboards and if we might do it might be some stage quite far into the future,” he stated.

He warned that such delays could limit collaboration opportunities due to resource constraints.

He also argued that the Financial Conduct Authority’s (FCA) approach to the regulation of private sector dashboards would be “incredibly restrictive” and “onerous”, which could prevent dashboards from delivering a “seamless” user experience.

Earlier in the panel session, Pensions Administration Standards Association (PASA) chair, Kim Gubler, raised concerns about the iterative development once testing begins, expected in May/June 2025.

Gubler also raised concerns around medium and smaller-sized schemes not having their data fully digitised, with PASA research finding 40 per cent of schemes are fully digitised.

In addition to this, Lumera commercial director (data and dashboards), Maurice Titley, emphasised the need for adaptability, as 20 organisations are currently navigating the Pension Dashboard Programme (PDP) connection process.

“There's no doubt that the data providers and the connection technology providers are going to have to make changes. I think it's very important to be aware of that,” Titley said.

Titley also highlighted the importance of accurate data matching to prevent users from being unable to see their pensions on the dashboard, a potential issue that could lead to consumer frustration.

Gubler stated that pension dashboards will serve as a critical tool in improving financial transparency, even if the long-term impact remains uncertain.

“The important thing about pension dashboards is that they will hold a mirror up to people’s pensions. We don’t know where that will lead us, but it has to start somewhere,” she said

Byrnes emphasised that the priority is to get a dashboard launched, public or private.

“We have 12.5 million people in the UK under-saving for retirement before housing costs in retirement are factored in,” he said.

“We have £31bn in lost pension pots across 3.3m lost pensions - that I think is a bit of an understatement.

“The most powerful thing we can do for people is reunite them with pension savings they have already made, that will not take any further contributions from their pocket, that won’t take any further contributions from the government’s pocket.

“It will be a caveated, yes. The caveat is we need to be doing the work around the private sector dashboards at the same time as we are trying to launch the MoneyHelper dashboard. We need to be doing the prep work at the same time.”

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