Industry organisations have welcomed the clarity provide by the Pensions Minister’s update on the Pensions Dashboards Programme (PDP), although concerns over plans to set out the new staging timeline in guidance, rather than in regulation, have been raised.

Pensions Minister, Laura Trott, today (8 June) provided an update on the reset, confirming plans to include in legislation a connection deadline of 31 October 2026, although the remaining staging timeline in legislation will instead be set out in guidance.

Pensions and Lifetime Savings Association (PLSA) director for policy, and advocacy, Nigel Peaple, welcomed the clarity and flexibility that the statement provides to the industry, although he clarified that “that many in the pensions industry, including the PLSA, would have preferred the new staging timeline to be set out in regulation, as was previously the case, rather than only in guidance, as is now planned”.

“To make this new approach work, it will be necessary for the dashboards programme to work in a very open, transparent and collaborative way such that all parts of the government involved in the project, and all those involved from across the industry, can work together as one,” he stated.

"As we have said since the start of the programme, this is a highly complex undertaking, early delivery is less important than successful delivery.”

However, PDP technology partner, Equisoft, branded the announcement as "very disappointing", noting that the proposed deadlines for mandatory adoption have "in effect been pushed two and a half years".

Equisoft product sales director, Howard Finnegan, stated: "We believe that without compulsion and with no incentive for early adoption most schemes will not follow the guideline dates.

"Why would companies incur costs a year or more ahead of when required by the regulator? This attitude was confirmed by a webinar we ran last week when over three-quarters of those we polled at the event said they would connect to the PDP eco-system six months or less before the regulatory deadline date.

"With the mandatory PDP connection deadline extended we expect most schemes will put their projects on hold, deal with more pressing challenges and restart them within 12 months of the regulatory deadline.

"We believe this approach will create an implementation and registration capacity crunch in the six months leading up to the regulatory deadline date as during that period tens of thousands of schemes will want to onboard with an ISP, register and connect with PDP eco-system."

Hymans Robertson client manager third party administration, Karl Lidgley, added: ““It’s imperative that third party administrators with multiple schemes to onboard can schedule the work effectively to connect schemes, which the original staging dates compelled schemes and their administrators to do.

“If the updated approach has no enforcement until the end point, which is not yet clear, it risks schemes choosing to defer work. This would cause a concertina effect as the deadline approaches and a single point of failure, which is in nobody’s interests.

“Until all this is resolved, dashboards will not deliver the improvement in member outcomes that are urgently needed for todays’ retirees, despite all the efforts been made across the industry.”

Moneyhub CEO, Samantha Seaton, also argued that “we should not let the perfect be the enemy of the good and having a starting point that can be continuously refined and optimised is preferable".

“The largest master trusts and personal pension providers are ready to connect to the ecosystem and they want to get on and focus on the subsequent benefits and we are already working with many of them when it comes to developing their own end to end pensions dashboard offering," she stated.

However, Bravura principal consultant, Jonathan Hawkins, said that while there is a worry that legislation differs in gravity from guidance, "it will ultimately be up to the industry to lead by example and the regulators to ensure appropriate carrots and sticks are in place to ensure the updated timelines are adhered to".

Indeed, Association of British Insurers (ABI) director of long-term savings policy, Yvonne Braun, confirmed that the ABI's members have indicated they’re willing and able to continue to comply with a voluntary timetable.

However, she clarified that it would have been the preference that these remained a regulatory requirement to prevent a last-minute rush of firms connecting to the system.

"We ask that government keeps this under review and considers making the staggered dates a regulatory requirement again if it should become clear that the wider industry is not taking the same approach," she stated.

"We all want to see the pensions dashboards programme reach its full potential and a genuinely collaborative approach with industry will be essential, including on deciding when dashboards will be made available to customers.”

Phoenix Group pensions dashboard project executive sponsor, Sam Buckle, also suggested that “good progress” is being seen in terms of dashboards preparation.

“We believe focusing on having the majority of pensions on board is the priority, rather than the entire market,” he stated. “As an organisation we will continue to plan our dashboard programme in line with the guidance as soon as it is issued.

"This is an important initiative that will help pension savers. We are making good progress and are on track to meet our obligations.”

People’s Partnership director of policy, Phil Brown, also emphasised that work is underway, confirming that “like other schemes, we will continue to use this time to prepare our data and think that the extension of the delivery date will give everybody time to ensure they are ready”.

Adding to this, Nest director of strategy and corporate affairs, Zoe Alexander, said: “We strongly support the aims of the dashboard programme and welcome this renewed clarity on the delivery timetable, along with the clear commitment to a collaborative approach, working alongside industry.

“We look forward to working closely with the programme to ensure the dashboard delivers on its full potential to help members understand what they've saved for retirement, in an accessible way.”

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