Pensions dashboards on track to meet 2023 launch date

Pensions dashboards are “on track” to meet the target of being available to savers from 2023, according to the Pensions Dashboards Programme’s (PDP) third progress update report.

The report stated that progress was keeping pace with the indicative timeline published by the PDP in October, whereby staged onboarding and dashboard availability would commence in 2023.

It also revealed a more detailed breakdown of what steps will be taken over the next six months and the expected timing of ‘key’ milestones within later phases to allow data providers to prepare to connect to dashboards.

A call for input will be launched at the end of May, outlining proposed methods for the staged compulsory connection of pension providers to the dashboard ecosystem.

The proposals were developed in collaboration with the Department for Work and Pensions (DWP), the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).

A specification document for suppliers will also be published, which will aim to provide more information about the ecosystem’s functionality, in preparation for those connecting to the dashboard.

A retirement income guidance update will be issued in the summer, followed by a consultation on the regulatory framework in winter 2021/22 and the connection of early voluntary data providers for testing in spring 2022.

The report estimated that the transition to 'business as usual' would take place in 2024.

Commenting on the progress report, Pensions Minister, Guy Opperman, said: “I am pleased with the significant steps that have been made by the PDP.

“The next six months will bring a number of important milestones, including continuing the search for the digital architecture provider and call for input from industry which will allow interested parties to have their say.
 
“I look forward to continuing our work with the Money and Pensions Service to deliver dashboards and bring pensions into the 21st Century. Consolidating pensions information digitally has the potential to transform retirement saving and will help savers to mould their financial futures.”

PDP has issued the digital architecture Invitation to Tender and work has continued on developing an onboarding strategy for data providers for when the contract is awarded in September.

PDP principal, Chris Curry, commented: “The programme remains on track against the indicative timeline that we published in our last progress update report in October.
 
“With our procurement of the principal digital architecture underway, and the provider timeline published, we are in the position to add further detail to the programme timeline, to enable industry to prepare for connecting with the dashboards ecosystem.

“We have also undertaken invaluable market engagement on the identity service, which will allow people to connect their data, to support the final development of requirements prior to going to tender in the coming months.”

The PDP stated that it will continue to work with its deliver partners at the DWP, FCA and TPR over the next six months.

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