Pensions minister confirms commitment to dashboards

Pensions minister Emma Reynolds today confirmed the government “is committed to the delivery of pensions dashboards” in a written statement to the House of Commons. She said pensions dashboards “will help people find their lost pension pots and promote greater engagement – empowering individuals to plan their future more confidently.” In her statement Ms Reynolds reported that the Pensions Dashboards Programme (PDP), which is part of the Money and Pensions Service (MaPS), recently concluded a formal reset process which generated a revised delivery plan. She said in line with that plan, the programme has begun testing the connection journey with a small number of external organisations which will help facilitate wider industry connections. Alongside this, the PDP has published an updated draft code of connection, technical standards, and data standards to support the pensions industry to prepare for connection. She added: “As a result of the PDP’s progress, the Infrastructure and Projects Authority has increased its confidence in the Programme’s ability to deliver against their revised plan.” She said it is too early to confirm a launch date for public use but said the government is committed to the existing published timetable for the connection of pension schemes and providers to the pensions dashboards ecosystem, which is expected to begin in April 2025, as well as the overall connection deadline of 31 October 2026. She said: “It is therefore essential that the pensions industry continues to prepare for connection, having regard to the timetable set out in DWP’s guidance.” Gail Izat, managing director for workplace pensions at Standard Life, part of Phoenix Group said: “It’s great to hear about the progress that has been made on the pensions dashboards programme. The project has been a long time in the making but will unlock significant benefits once delivered, not least the issue of lost pots.” She said the decision to have the MAPs dashboard launch before their private sector equivalents “could be a good thing for the ecosystem if they are able to provide a live testing environment as quickly as possible.” As MAPs does not need to seek regulatory permission, she said it could create valuable insights that will help the transition to a multi-dashboard environment run smoothly once the regulatory environment is clarified by the FCA. Ms Izat said: “Dashboards are already in place in a number of countries and a key lesson from their roll out is that it is hard to predict exactly how they will be used until live data is available. Similarly, permitting multiple dashboards improves the chances of mass adoption by engaging people in the places they go to view their pensions.”

Pensions minister confirms commitment to dashboards

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