Looking back on 2022
This year has proved to be crucial for the Pensions Dashboards Programme (PDP). We’ve seen the completion of important steps on the path to developing the pensions dashboards ecosystem.
The technology build for the central digital architecture has now been delivered by Capgemini and Origo, and we’re now working through final assurances. This includes ensuring that all requirements are met within the solution and that it is ready for the next phase in 2023.
Greater detail and clarity on the rules for dashboards were also provided for industry this year. The Pensions Dashboards Regulations 2022 were given approval by Parliament, empowering PDP to set dashboards standards that underpin legislation. We consulted on the majority of these standards in July and August, and have recently published the finalised versions, including the principles of how future updates will be made. A consultation on design standards is now underway, and will run until the middle of February 2023. This will take place at the same time as the Financial Conduct Authority (FCA) consultation on their dashboards regulatory framework. We’re keen to get as many responses from industry as possible, so please do share your feedback to help us shape the design standards and the framework.
Working with Ipsos, PDP commissioned research to understand the likelihood that people will use dashboards, how much users would potentially pay for this free service, and the number of pensions individuals hold. We were pleased to find that 57% of respondents would use dashboards if they were available now, with the likelihood increasing among those who were yet to access their pension – rising to 80% among people with three or more private pensions. The research also found that 81% of respondents had one or more private pension in addition to the State Pension. This means that a large majority of people have multiple pensions which they would be able to view in one place on a dashboard.
Throughout the year, PDP has continued a wide-reaching programme of engagement with industry on preparing for dashboards. I was delighted to attend conferences and webinars including the PLSA Annual Conference, the Open Banking Expo and The Pensions Regulator’s pensions dashboards webinar. We’ve hosted our own webinars, produced videos and articles, written columns and given media interviews, all on explaining dashboards, sharing key learnings, and setting out tips and best practice.
The programme will enter a vital and delivery focussed period in 2023. The first group of pension providers and schemes will begin the process of compulsory connection to the dashboards ecosystem. We will remain focused on supporting those organisations and helping them to prepare for this complex but important undertaking. The dedicated team at PDP continues to work on ensuring that the connection process is stable and secure for when the first window opens.
Dashboards will transform retirement planning, as well as creating new opportunities for pension providers and schemes to engage with their customers and members. I continue to be grateful for the constructive spirit shown by industry, the regulators and the Government on delivering this programme. I look forward to working together in the coming year to bring us closer to making pensions dashboards a reality.