No full Pension Dashboards until 2025

Pension savers hoping to see their retirement pots in one place online under Pension Dashboards may have to wait until at least 2025 under the timetable for schemes to connect to Dashboards. The Pension Dashboards Programme (PDP) published its timetable for pension schemes to connect to Dashboards last week. Whilst the first wave of schemes would connect in Spring 2023, the process for all larger (1000 or more members) schemes is likely to take at least two years under the PDP’s plans. There was no proposed start date for onboarding smaller pension schemes. The timetable was published as part of a call for input. The PDP said it is “reliant on the understanding and cooperation of our colleagues across the industry” and urged pension professionals to have their say on the proposed timetable. Guy Opperman, Minister for Pensions, said: “Making dashboards available to people at the earliest opportunity is a key part of our strategy to get people more informed about and involved with their pensions savings. So I would encourage anyone with an interest in dashboards to feed in their views on the programme’s emerging proposals for how and when we bring pension schemes on board from 2023.” Previously the Government said Dashboards could launch as early as 2019. George Currie, consultant at LCP, who until December 2020 was seconded to the PDP said he expects to see further delays as “even 2025 looks challenging.” He said: “If it delivers find and view functionality for the vast majority of pension entitlements by 2025, this will be a remarkable achievement. However, the scale of preparation required in a relatively short space of time by so many schemes, with vastly different types of entitlement, will be a significant challenge for schemes, who will have to update – and in some cases revolutionise – data management and governance processes to ensure compliance with the timeline. Equally, this timeline is dependent on the successful development, testing, and roll out of the digital architecture of the dashboards ecosystem by the PDP over the coming 18 months, a challenge in itself that should not be underestimated.” Tom Selby, senior analyst at platform AJ Bell, said that progress may seem slow but it is important that the PDP does not rush and make mistakes. He said: “Before that great pensions oak tree can emerge the Government and the pensions industry needs to get an acorn in the ground. “There is little doubt the Government was wildly optimistic when it suggested Dashboards could be up-and-running in 2019. This is a huge project involving vast amounts of data and with people’s life savings at stake, so the most important thing is ensuring that data is safe and the information people eventually see on Dashboards is reliable. “While the pace of the outlined timetable is enough to make a snail blush and will frustrate many – not least Government ministers – it is infinitely better than headlines of another IT disaster.”

No full Pension Dashboards until 2025

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