Pension Dashboard  

Maps seeks views on dashboard data

Maps seeks views on dashboard data

The Money and Pensions Service (Maps) has published its delayed consultation seeking views on what data should be included in the pensions dashboard.

The consultation published by the Pensions Dashboards Programme (PDP), created by Maps and formerly known as the Industry Delivery Group, will open next month (July 6) after it was initially scheduled for earlier this year but was delayed by the coronavirus pandemic.

It will seek industry-wide input on what data should be included on the pension dashboards as well as how it should be presented and submitted by providers.

The PDP will also form a working group, representing all sectors of the pensions industry, which will meet for a series of discussions to help finalise a set of data standards later this year.

The PDP will engage with potential suppliers for the coming six weeks, who will build the technology to enable savers to view all their pensions on their chosen dashboard.

This will allow the group to examine the readiness, capacity and capability of commercial firms which might be interested in picking up the work.

A formal procurement process is expected to begin in Autumn 2020, with potential suppliers asked to register their interest by the end of July.

Chris Curry, principal of the PDP, said: “The pensions industry faced significant challenges as a result of Covid-19 and the lockdown.

"Firms were rightly focused on day-to-day operations and the immediate needs of their customers – but while that was going on, the Pensions Dashboards Programme has continued its work towards delivering the technology that will enable individuals to see all of their pensions information online, securely and all in one place.

“We know the sector has responded well to the current crisis and there is enthusiasm to engage once again in the important detail of delivering pensions dashboards.

"We are now making good progress on a number of fronts and are ready to shape detailed data requirements with the help of the industry while also starting engagement with the tech firms which will help us build the dashboard ecosystem."

In its first progress report on pension dashboards, published in April, the PDP said it would not be possible to develop data standards that cover every complexity that exists in the pensions industry right from the start. 

To minimise the initial cost on pension providers and schemes, the government has already limited the data they will need to supply in the first phase with more complex information being shown at a later date.

Mandatory data will include information around estimated retirement income and accrued entitlements.

Minister for pensions and financial inclusion Guy Opperman said: “Pensions dashboards will help to reconnect savers with lost pension pots, and will engage those who may be under-saving or are facing complicated decisions as they approach retirement.

“The measures included in the Pension Schemes Bill currently going through Parliament will compel pension providers to make consumers data available to them via dashboards. I would encourage schemes to be on the front foot and to get ‘data ready’ now.