Displaying items by tag: Money and Pensions Service

Almost half (44%) of amber pension scam warning flag guidance sessions are being conducted without knowledge of why the flag was raised, according to the Money and Pensions Service (MAPS).

Amber flags are being raised on potentially low-risk pension transfers due to a ‘weakness’ relating to overseas investments in the new rules, according to a new report.

The Pensions Dashboards Programme, the initiative backed by the government's Money and Pensions Service, has launched a six week consultation with potential suppliers who will tasked with bringing the project to life. 

The companies will supply the digital engine which will make long-awaited Pensions Dashboards work.

The PDP also plans an industry-wide call in July and August for input on the data scope and data definitions published in working papers in April.

The consultation was delayed in April due to the Coronavirus pandemic.

The programme has also entered the next stage of the process to build technology to enable savers to view all their pensions via their chosen dashboard.

The six-week consultation period will enable the programme to look at the readiness, capacity and capability of tech firms that might be interested in the work.

It is in preparation for a formal procurement process anticipated to start in the autumn.

The programme has also said it will convene a Data Working Group representing all sectors of the pensions industry. The group will help finalise a set of data standards later this year.

Chris Curry, principal of the Pensions Dashboards Programme at MAPS, said: “The pensions industry faced significant challenges as a result of Covid-19 and the lockdown.

"Firms were rightly focused on day-to-day operations and the immediate needs of their customers – but while that was going on, the Pensions Dashboards Programme has continued its work towards delivering the technology that will enable individuals to see all of their pensions information online, securely and all in one place.

 “We know the sector has responded well to the current crisis and there is enthusiasm to engage once again in the important detail of delivering Pensions Dashboards. We are now making good progress on a number of fronts and are ready to shape detailed data requirements with the help of the industry while also starting engagement with the tech firms which will help us build the dashboard ecosystem.

“The concept behind Pensions Dashboards is simple but there are still complicated technical and regulatory hurdles to overcome. The work of the next few months will be significant in helping us develop a timeline for the delivery of these services.”