The latest update from the Pensions Dashboards Programme (PDP) revealed positive feedback from savers on pensions dashboards, although industry experts have warned that political buy-in is needed to make the initiative a reality.

The PDP’s latest update report emphasised that, despite the recent programme reset, the government "remains thoroughly committed to their delivery", with PDP highlighting dashboards as a "vital tool to help savers plan for their retirement".

The update also confirmed that, following the reset, the relevant teams have been undertaking a replan "at pace", with more information expected to be shared ahead of the parliamentary recess starting in July.

The update also included the results of recent research commissioned by PDP into users’ understanding of how their data will be used during the pensions dashboard journey.

The research, which covered a range of ages, income levels and pension types, asked savers to provide feedback on draft versions of consent and authorisation wording that would appear on dashboards, explaining what the Money and Pensions Service would and would not do with a user’s data.

According to the PDP, feedback from respondents was positive, particularly around the clarity and conciseness of messaging, which encouraged respondents to read what was displayed on the dashboard in detail.

The programme also confirmed that their feedback led to some minor adjustments in the consent and authorisation wording that improved understanding.

The research also sought initial reactions to the concept of dashboards, revealing that respondents generally felt that dashboards would make it simpler to track their pensions savings and find pots that they had lost track of.

Overall, respondents also suggested that using pensions dashboards would make them more aware of their pension arrangements and potentially more engaged with saving for retirement.

PDP principal, Chris Curry, stated: “Delivering dashboards is incredibly complex, and it is important that we take the time to get it right for industry and ensure that the right support for connection is in place.

“It’s important that industry continues preparing for pensions dashboards. Dashboards will make it easier to understand and view pensions savings together in a single, secure place online.

"They will also help people to reconnect with lost pension pots and create new opportunities for pension providers and schemes to engage customers and members about retirement savings.

“Industry, the government and regulators have shown a real co-operative spirit. PDP remains grateful for their hard work and commitment in making dashboards a reality.”

However, AJ Bell head of policy development, Rachel Vahey, emphasised the need to keep the momentum going on this new initiative, arguing that political buy-in is needed to avoid further delays.

“There has been little change to the dashboards landscape since the Ministerial statement in March, which pulled the plug on the proposed timescales, sending the PDP and Department for Work and Pensions (DWP) back to the drawing board to confer," she continued.

“The PDP’s qualitative research shows people are broadly positive about pensions dashboards, generally seeing little or no downside to using the free service. So it’s important to keep the momentum going on this new initiative.

“However, we are now playing a waiting game. The Pensions Minister is due to give an update to parliament before the summer recess, and, although this is not guaranteed, it would be good if that set new timescales for connecting to and launching the dashboards.

“Without this political buy-in, there is a risk that the general election may delay plans again, leaving pension savers waiting even longer without an easy way of checking their overall pension provision.”

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