He added: “As the dashboard development moves forward there is much work to be done to streamline processes as much as possible so that information can flow in a simple straightforward way.
“Just as importantly, for pensions dashboards to be a genuine benefit to people they need to include state pensions and all private pensions, which means compulsion will be needed.
“Building a sub-standard version which only contains some information means it is likely to become a white elephant, with running costs out of all proportion to its usefulness.”
An industry delivery group, brought together by Maps, will set out a timetable for other fully operational dashboards, as well as setting standards and ensuring security across the portals.
Steven Cameron, pensions director at Aegon said: “Accurate data will be key once dashboards go live and one of the most urgent requirements to turn them into a practical reality is to agree and publicise precisely what data will be required in what format. This is no doubt high on the Maps steering group priority list.
“Providers and schemes which have invested in technology and which already offer online access to their customers and members should be well positioned here, with the challenges sitting more with older pension schemes and products which have not modernised. Defined benefit schemes may also face challenges depending on the data they will be required to provide.”
But, despite the pension dashboard project having both industry-wide and government backing, some experts have said it is unlikely that the technology will be delivered “any time soon”.
Steve Webb, former pensions minister, said: “One of the main measures in the Pensions Bill will be legislation to implement the long-awaited pensions dashboard. The main measures require pension schemes and pension providers to supply data to the dashboard as well as making it possible for state pension data to be displayed as well.
“But we should not expect to see a comprehensive dashboard any time soon.”
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