The Money and Pensions Service has commissioned research to understand the challenges pension schemes face with providing data for the pension dashboards.
In an update published yesterday (February 25) on the guidance body's website, Richard Smith, industry lead at the pension dashboards industry delivery group, said it was critical to properly understand the challenges pension providers and schemes will face complying with the new laws to make data available via dashboards.
“So we have commissioned some specialist, independent, qualitative research to explore these challenges through deep-dive interviews with sample pension providers and schemes. This research will take place on a completely anonymous basis,” he noted.
The DWP confirmed in December 2018 that it will seek to foster the creation of multiple pensions dashboards, with the first one being developed by Maps.
Its industry delivery group will set out a timetable for other fully operational dashboards, as well as setting standards and ensuring security across the portals.
Mr Smith also noted a key area of the working group's activity was to consider the specific items of people’s pension data that pension providers and schemes should be required to supply to the dashboards.
He said: “We have been considering how best to garner as broad a range of views as possible, reflective of the different consumer, fintech, and pensions industry sectors.”
The working group is developing a data scope paper with the latest assumptions for dashboards data across the whole pensions industry, which will be published in the coming months. Pension specialists will then have an opportunity to comment and provide additional evidence where this exists, Mr Smith noted.
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