The most frequently asked questions on the UK’s Pensions Dashboards Programme.
Where can I go for help about my pensions now?
Depending upon your query, the following organisations can help you:
To help locate your pensions contact The Pension Tracing Service.
For help with general guidance about pensions or if you have got a problem, complaint or dispute with your occupation or private pension arrangement contact The Pensions Advisory Service.
For free and impartial advice about your defined contribution pension options contact Pensionwise.
Why can’t pensions dashboards be delivered more quickly?
While the vision of pensions dashboards sounds straightforward – to give everyone access to all their pension information in a single online place – the delivery challenges are significant. Timescales depend on technological developments and the progress of government legislation. Dashboard services need to be delivered to a high standard with the appropriate regulation and safeguards in place.
We have more information on our programme plan and proposed timeline.
What information will I be able to see on pensions dashboards when they launch?
The priority is to connect people with their pensions. The information available on dashboards will start with simple information similar to what is already available to people on annual benefit statements. This will include details of successfully located pensions, including the pension provider, how best to contact them and the value of that pension.
Savers will want to see more detail on future dashboards, particularly relating to their likely income in retirement, but challenges such as how to agree a standard set of assumptions and calculations will first need to be consulted on and agreed.
Why won’t you set a date for when you expect dashboards to be available to the public?
Pensions dashboards services will only launch to the public once the following key requirements have been met:
• full assurance of the security of the ecosystem
• extensive and robust testing of the user experience
• understanding of user behaviours, including mitigation of any adverse impacts or unintended consequences
• presence of the right rules and regulations
• the service has enough coverage of pension providers/schemes and sufficient information about those pensions so that it demonstrably meets a user need and is useful to a significant majority of people
Why haven’t you used the existing pensions dashboards prototypes?
We are building on the achievements of previous pensions dashboards initiatives, but we are evolving the offering to keep pace with new and emerging technologies.
We continue to work closely with organisations that have contributed to past prototypes. For example, the ABI, which led an early initiative in this space, is represented on our steering group.
Why isn’t this work simply part of the larger open banking work?
Open banking and pensions dashboards are based on significantly different priorities.
While the policy intent of open banking is about increasing competition, the objectives of pensions dashboards are to enable people to find and access information about their pensions.
However, there are areas we can learn from the open banking experience – for example around creating data standards and dispute resolution for users.
What’s the importance of the Pensions Bill?
The Pension Schemes Bill is crucial because it provides the legislative framework for pensions dashboards. This includes the power to set requirements for qualifying dashboards services, and to enable the Secretary of State to make regulations requiring:
• occupational pension schemes to provide the information needed for the service to work
• the Financial Conduct Authority (FCA) to similarly introduce rules requiring personal and stakeholder pensions to provide this information
How much impact is the coronavirus pandemic having on your plans / timescales?
We remain committed to progressing our work with as little disruption as possible. However, such a collaborative project depends on partners, including pension schemes and government, being able to contribute resources and views. The pensions industry and others are continuing to support us through various consultative exercises that we are undertaking and via the formation of the data working group and the usability working group.
Why does the Money and Pensions Service have to advertise and open their contract opportunities to competition?
As an arm’s length body (ALB) of the Department for Work and Pensions (DWP), the Money and Pensions Service is subject to the Public Contracts Regulations 2015 when purchasing supplies, services or works that exceed the current whole life contract value threshold of £122,976 (exc. VAT).
Value for money is fundamental and central to all procurement activities carried out which must be managed in line with HM Treasury’s Managing Public Money guidance.
Is it possible to meet with you and discuss our business and what service we provide?
To maintain equal treatment of suppliers, we cannot meet suppliers interested in bidding for future commercial opportunities. However, we will undertake market engagement for contracts that are complex or where requirements need the input of suppliers.
Pensions Dashboards Programme
What has the programme achieved since the Money and Pensions Service became responsible for the development of dashboards?
We give full updates of our progress every six months. We published our last progress update report in October 2020. It contains a summary of the work we have undertaken to:
• finalise our requirements for the digital architecture
• define our requirements for an identity service
• develop version one of data standards with input from the Data Working Group (DWG), wider industry and others
• ensure that the user is at the heart of everything we do
• manage programme risks and dependencies with our delivery partners
• help develop the legislation and rules that will make pensions dashboards a reality with the Department for Work and Pensions (DWP), The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA)
Since its publication, we have published data standards for initial pensions dashboards. We will publish a further progress update report in April 2021.
What is the role of the PDP in delivering the MaPS dashboard?
The Money and Pensions Service will develop a dashboard as part of its function to provide information and guidance on pensions, but other organisations will also provide dashboards.
The Pensions Dashboards Programme is responsible for developing the required standards, specifications and technical requirements as well as the technology and governance to enable individuals to view all of their pensions data via their chosen dashboard. The Pensions Dashboards Programme will not develop a dashboard itself.
Why did the Industry Delivery Group change its name to the Pensions Dashboards Programme (PDP)?
After consulting with government delivery partners and key stakeholders, we changed our name to the Pensions Dashboards Programme in July 2020 to reflect the fact that this is a significant programme of work with multiple delivery partners across government and industry. The pensions industry continues to play a critical role in making pensions dashboards a reality and is represented on the PDP Steering Group and via industry working groups.
How does the Steering Group fit into the structure of MaPS and the PDP?
The Steering Group is responsible for reviewing the work of the PDP and providing strategic direction. It is made up of voluntary representatives from the pensions industry and consumer organisations. The PDP Principal, Chris Curry, acts as the Chair for the steering group and represents the feedback of the steering group when taking decisions to the MaPS pensions dashboards sub-committee.
How do you work with organisations that may want to develop dashboards in the future?
The Pensions Dashboards Programme is solely responsible for enabling and delivering the central digital architecture requirements which will help connect pensions dashboards with pensions schemes and pensions providers.
We have set up a Usability Working Group (UWG) to gather and share key insights on user needs with representatives from consumer bodies and potential dashboard providers.
The key purpose of the UWG is to ensure the user is fully represented in the development of Pensions Dashboards. The group will also help dashboard providers to develop simple to use and engaging pensions dashboards that meet user needs.