Published by: Caroline Kyriazis  

The Pensions Dashboards Programme (PDP) has released further detail on its timeline as part of its third Progress Update Report (PUR). This includes a clear breakdown of what will take place over the next six months, including the expected timing of key milestones within later programme phases, so data providers can prepare to connect to dashboards.

A staging Call for Input will be issued at the end of May, detailing proposals for the staged compulsory connection of pension providers to the dashboard ecosystem – those proposals have been developed in collaboration with the Department for Work and Pensions (DWP), the Financial Conduct Authority (FCA) and The Pensions Regulator. A specification document for suppliers will also be published, providing more information about the ecosystem’s functionality, in preparation for those connecting to the dashboard.

Significant progress has been made in the six months since the last report was published. The digital architecture Invitation to Tender (ITT) has now been issued, and work has continued on developing an onboarding strategy for data providers for when the contract is awarded in September.

The PDP team has continued to develop and grow with recruitment across the senior leadership team: Programme Director Richard James, Head of Onboarding Paul Noone, and Head of Technology James Reardon are now all in post.

Over the next six months, work will continue with delivery partners at DWP, FCA and TPR who all have a significant part to play in making dashboards happen.

The full report can be viewed here.

Chris Curry, Principal of the Pensions Dashboards Programme at MaPS, said:

“The programme remains on track against the indicative timeline that we published in our last progress update report in October.

“With our procurement of the principal digital architecture underway, and the provider timeline published, we are in the position to add further detail to the programme timeline, to enable industry to prepare for connecting with the dashboards ecosystem. We have also undertaken invaluable market engagement on the identity service, which will allow people to connect their data, to support the final development of requirements prior to going to tender in the coming months.

“Over the next six months we expect to award contracts for the majority of the digital architecture, and we will commence a Call for Input on staging at the end of May, which will take us into the next phase of the programme. With the expanded leadership team, we have the right people and processes in place to enable success.”

Minister for Pensions, Guy Opperman, said: 

“I am pleased with the significant steps that have been made by the Pensions Dashboards Programme. The next six months will bring a number of important milestones, including continuing the search for the digital architecture provider and Call for Input from industry which will allow interested parties to have their say.

“I look forward to continuing our work with the Money and Pensions Service to deliver dashboards and bring pensions into the 21st Century. Consolidating pensions information digitally has the potential to transform retirement saving and will help savers to mould their financial futures.”

Keep up to date with programme updates and future call for inputs by signing up to receive the monthly Pensions Dashboards Programme (PDP) newsletter, and following PDP on Twitter and LinkedIn.

ENDS

About

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:  

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