- Pension providers urged to start getting data ready for dashboards
- Data covered will include people’s personal details, pension arrangements and estimated retirement income
The Pensions Dashboards Programme (PDP) has today published the key data standards which will underpin the initial technology and allow individuals to view their pensions via their chosen dashboard.
The PDP, set up by the Money and Pensions Service (MaPS), has responsibility for designing and implementing the digital ecosystem, which ensures that the pensions dashboards will work as effectively as possible.
Data standards provide a common language to describe the pensions information that will be safely found and displayed on the dashboards, for each individual’s different pensions. UK pension providers will be required to ensure that the data they hold is consistent with the data standards, so that consumers can access this information .
The basic information that pension providers will supply to the initial pensions dashboards will include:
- find data: to access dashboards, users will need to share their personal data via an identity service, so they can be matched to the pensions they hold. Find data that pension providers will need to match against includes information such as a person’s first name and surname, date of birth, address and national insurance number
- view data: once the person’s identity has been verified, the pension provider(s) will display information about any pensions found to the user via their chosen dashboard. This will include details such as a person’s pension arrangement and the name of the pension provider
- income data: this will provide the individual with an estimated retirement income and the date payable for each pension; as well as the current value of a person’s pension pot if they have defined contribution pension(s)
UK-based state and private pensions, including in the public sector, will be included in the first iteration of pensions dashboards.
The publication of data standards follows the release of the PDP’s Progress Update Report in October 2020, which included an indicative timeline for the development of dashboards and estimated the point at which dashboards could be available is from 2023 onwards.
Chris Curry, Principal of the Pensions Dashboards Programme at MaPS, said:
“Data standards are central to ensuring that pensions dashboards display a clear and accurate picture of an individuals pension savings. This makes it essential that pension providers ensure that their data is ready for connection to pensions dashboards when it is required, in the near future.
“We have published these standards after robust collaboration with the pensions industry, regulators and Government to better understand the potential data challenges that different types of providers might encounter, which has all been factored into potential solutions.
“We are committed to dashboards fulfilling their true potential, but we also need to begin at a realistic starting point, which is the find and view data requirements we’re setting out now. 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. With schemes and providers onboarding to dashboards from 2023, it’s essential that everyone starts to prepare their data now, using the information in the Data standards guide.”
Minister for Pensions and Financial Inclusion, Guy Opperman, said:
“Bringing information to savers at the touch of a screen will revolutionise how we engage with our pensions and plan for retirement.
“Getting data standards right is vital, to realise the full potential of pension dashboards. The publication of key data standards is therefore an important and welcome step.
“I’m encouraged by the progress to date and the continued collaboration driving it forward. I am ambitious for the future of dashboards, as a place where people can easily see what they can expect at retirement, and the value their current providers are giving them.
“My message to pension providers remains, get dashboard data ready.”
The Data standards guide is available on the Pensions Dashboards Programme website.
The PDP will be running webinars in 2021 with pension providers to outline data standards in more detail.
Providers can send any queries about data standards to datapdp@maps.org.uk.
-ENDS–
For media enquiries contact:
MaPS Press Office 020 8132 5284 / media@maps.org.uk
Mia Cochrane 020 8132 4395 / mia.cochrane@maps.org.uk
Notes to editors
The Money and Pensions Service (MaPS) has established the Pensions Dashboards Programme team, led by Principal Chris Curry, to design and implement the ecosystem that will make pensions dashboards work and which will enable individuals to view all their pensions data via their chosen dashboard. Pensions dashboards will enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing. Dashboards will provide clear and simple information about an individual’s multiple pension savings, including their State Pension. They will also help them to reconnect with any lost pension pots.
The Pensions Dashboards Programme has its own website where news, blogs and reports will be published regularly. https://www.pensionsdashboardsprogramme.org.uk/
MaPS’ role in developing pensions dashboards
Government has committed to facilitating the pensions industry to develop this initiative and have given specific responsibilities to the Money and Pensions Service (MaPS) which include:
- bringing together a programme team to lead the implementation of pensions dashboards
- appointing an industry steering group to set the strategic direction of the programme
- beginning work to create and run a non-commercial pensions dashboard – the MaPS Dashboard
About the Money and Pensions Service
The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).
For further information visit www.maps.org.uk. Members of the public can get free guidance about their money and pensions via:
www.moneyadviceservice.org.uk / 0800 138 7777
www.pensionsadvisoryservice.org.uk / 0800 011 3797
www.pensionwise.gov.uk / 0800 138 3944