An extension to the deadline for pension providers to connect to the pension dashboard is an opportunity to create an even better service for consumers, says financial technology provider, Wealth Wizards.
The pension dashboard programme has been hit with delays and now is not expected to be rolled out until the end of October 2026.
In a statement in June, pensions minister, Laura Trott, said “more time is needed to deliver this complex build”.
But Nick Hall, business development director at Wealth Wizards, said firms should use the extra time to “refine and enhance their propositions”.
He said the pension dashboard providers will be able to offer personalised digital advice and allow consumers to get a better understanding of their retirement provision.
Hall added: “This will allow consumers to gain a deeper understanding of their current retirement provision and take proactive steps towards a more secure future. Whether it involves increasing contributions or consolidating pensions, personalised assistance can enhance retirement outcomes and increase consumer confidence.
"By offering consumers access to services that help them navigate their next steps, both individuals and the pensions industry stand to benefit.
"It presents an opportune moment to reinvigorate consumer engagement in savings and unlock significant business potential."
Hall went on to say how it is essential to "establish a resilient and scalable digital service" to accommodate the likely surge in pension data access and heightened consumer interest in actively engaging with and exploring pension options.
Firms can therefore use the delay to refine their offerings, incorporate tools and host a more informed and engaged pension landscape.
Hall said: "The future of pensions is evolving, and with the right approach, PDS firms can play a pivotal role in shaping this landscape. By seizing the opportunities presented by the extended deadline, they can lead the way towards a more accessible and consumer-centric pension ecosystem, ultimately benefiting individuals and the industry as a whole."
Explaining the delays earlier this week at an evidence session, MP Laura Trott said: “It was the issue that we had around the connection process, which was needing more work in terms of the industry and there was insufficient testing in terms of the actual architecture itself.”
She also explained how the dashboard will help people who have a host of small pots.
“Pensions dashboard will play a vital role in reconnecting people with lost pots,” she said.
“In addition, giving people more of an idea of what they are likely to have in retirement because it's very difficult.
“People have an average 11 small pots, they don't really know what that means for them in terms of what their retirement income is likely to be.
“The pensions dashboard will play a really important role in bringing that all together and also allowing people to see this alongside their state pension to get a full picture of what it's going to look like for their retirement.”
tara.o'connor@ft.com
