- Pensions Dashboards Programme (PDP) has published revised standards for connecting to the dashboards ecosystem
- the November 2022 versions of standards will come into force following ministerial approval
- design standards consultation will take place in the winter
- webinars on standards taking place on 5, 7 and 8 December 2022
The rules that will ensure the stability and security of pensions dashboards have been finalised pending approval by the Secretary of State for Work and Pensions.
The Pensions Dashboards Programme (PDP) has released new versions of dashboards standards following feedback from a consultation in July and August. The November 2022 suite of standards will set out mandatory requirements that pension providers and schemes, and potential dashboard providers, will need to follow.
The standards cover the technical and operational detail that underpin dashboards legislation. As well as setting out data formatting requirements, the standards detail security, service and reporting duties for connecting and operating in the pensions dashboards ecosystem. The ecosystem is made up of the central digital architecture – the central technical services provided by PDP that make dashboards work – along with pension providers and schemes, and dashboard providers.
The updated standards will need to be formally approved by the Secretary of State before they come into force. However, PDP has published the standards to give industry as advanced notice as possible of the duties that will need to be complied with.
PDP has also confirmed its process for future updates to standards. This includes principles for decision-making and the notice period for industry.
A consultation on draft design standards will take place in the winter. Feedback will be considered before a finalised draft is published ahead of ministerial approval.
PDP will be hosting a series of webinars on 5 and 7 December explaining the November 2022 versions of standards and what this means for industry. A webinar on design standards will also take place on 8 December. You can sign up on PDP’s website: https://www.pensionsdashboardsprogramme.org.uk/events-and-meetings/
Chris Curry, PDP’s Principal, said:
“Pensions dashboards standards are an essential part of ensuring that users have a safe and consistent experience that will transform their retirement planning. There are now less than six months to go until the first mandatory window opens for pension providers and schemes to begin connecting to the ecosystem. Complying with standards will be necessary to get connected and stay connected, so it’s vital that trustees and administrators know what they need to do to carry out their obligations.
Industry is not being left to go on this journey alone, however. At PDP, we will continue producing useful videos and articles on standards and what you need to do. If you have any questions or need advice, please don’t hesitate to get in touch with us.”
ENDS
Notes for editors
The full list of the standards and guidance content is outlined below.
Standards:
Data standards – the data formatting requirements pension providers and schemes must follow when returning pensions data
Technical (and API) standards – the requirements for how pension providers, schemes and dashboards interface with the central digital architecture and with each other, including connectivity mechanisms, protocols for authorising the sharing of information, and the generation and registration of pension identifiers
Design standards – requirements for presentation of the pensions data on dashboards and design of the dashboards
Reporting standards – the data required from pension providers, schemes and dashboards to monitor the health of the pensions dashboards ecosystem, compliance and performance
Security standards – the technical, procedural and physical, standards for pension providers, schemes and dashboards to ensure security of the ecosystem (part of the code of connection)
Service standards – the minimum service requirements and required behaviour of pension providers, schemes and dashboards, including; service availability and response times, software compliance, software interoperability, dealing with failed requests, connection state changes (including planned interruption to information technology systems) and when to notify PDP of personnel changes (part of the code of connection)
Operational standards – the operational processes pension providers, schemes and dashboards must follow to connect to the ecosystem and to maintain connection, including: onboarding procedures, dispute management and escalation, service level failure protocols
Guidance:
Approach to standards – sets out when, and how, the PDP will maintain and revise standards, including how it will engage with and consult with the industry.
Connection (including testing) guidance – the testing and assurance processes that pension providers, schemes and dashboards need to undertake in order to connect to the ecosystem (part of the code of connection)
Early connection guidance – setting out when schemes can apply for earlier connection to the pension ecosystem than connection date (including for pension providers with <100 relevant members)
About PDP
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.
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) vision is: ‘everyone making the most of their money and pensions.’
MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice.
MaPS brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person.
For further information visit the Money and Pensions Service website.
Consumers can continue to access free guidance about their money and pensions via the MoneyHelper website.