All UK-based state, public and private sector pensions will be included in the dashboards at launch, which are expected to be rolled out from 2023.
The PDP will be running a series of webinars throughout 2021 to outline its data standards in more detail.
Chris Curry, PDP principal at the Money and Pensions Service, noted that the standards were created following “robust collaboration” with the pensions industry, regulators and government, he said, adding that it was important that dashboards begin “at a realistic starting point”, which the “find and view” data requirements represent.
“We know some challenges lie ahead when it comes to refining the data standards, but as the programme progresses we will incorporate further industry feedback,” Mr Curry added.
More detail needed
Despite welcoming the publication of the data standards as signifying “good progress”, Nigel Peaple, director of policy and research at the Pensions and Lifetime Savings Association, warned that “more work will be needed on detailing and specifying these standards over the next year”.
“Crucially, these standards will enable savers to understand their estimated retirement income more easily than ever before, though some serious challenges remain to ensure that [estimated retirement income] values are consistent across DB and DC entitlements,” he said.
For defined benefit schemes, the effort needed to comply with the Pensions Dashboards Programme requirement to provide an estimate of the annual income the individual might receive in retirement, in today’s money terms, will be significant.
Mr Peaple added that it was now vital that the PDP focused on developing “a robust consumer protection framework over the course of 2021”.
“Appropriate protections should be in place long before the first dashboard goes live to ensure that the data dashboards present and the functionality they offer do not result in consumer detriment, mis-selling or pension scams,” he added.
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