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Why industry should be optimistic about the delayed pensions dashboard

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This should allow for a smoother transition when connecting to the various dashboards.

Dashboard operator coalition

Last March, a coalition between firms, regulators and the government was formed. The aim being to collaborate and successfully deliver multiple commercial pension dashboards for all member firms. 

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Initial members included Legal & General, Just Group, Moneyhub and Standard Life, and has now expanded to include Scottish Widows, Aviva and Mintago. 

With firms backing the delivery of the programme, sharing insight and overcoming challenges together, this should improve the chance of successful implementation.

What lessons have been learnt?

The Money and Pensions Service has had issues with the delivery of a digital architecture solution that would allow firms to connect to the various pension dashboards. 

Investigation into the programme by the National Audit Office sighted various project failures, meaning that it could not be delivered for the previously agreed implementation date this year. 

Reasons included:

  • a lack of resources;
  • a lack of experience across the programme;
  • ineffective programme governance; and
  • a lack of robust contract and performance management arrangements that hampered Maps' ability to oversee the supplier effectively. 

So, what actions have been implemented off the back of the lessons learned?

1. The project was reset to a realistic deadline given the work still left to complete with one 'final connection deadline'. Guidance has been provided to pension schemes for when they should connect but these dates are no longer mandated to allow for greater flexibility.

2. A specialised team was introduced by the Department of Work & Pensions to support delivery of the programme.

3. Maps have redesigned their governance structure to give the DWP greater oversight and address issues identified in the multiple assurance reviews conducted.

What must firms do by October 2026

The FCA has set out their final rules and guidance for pension providers to be implemented by firms for October 2026:

  1. Complete connection to the digital architecture operated by the pension dashboards programme, which is a function of Maps.
  2. Be ready to receive requests to find pensions, and search records for data matches.
  3. Be ready to return pensions information to the consumer’s chosen pensions dashboard.

Overall, the pension dashboards programme is moving forward after years of stagnation. The DWP has shared its connection timeline guidance and the programme is on track, with firms to start connecting in August 2024. 

Though there will be challenges and hurdles to overcome, there is a reason to feel positive that consumers will be able to access some form of pension dashboard soon. 

Consequently, pension schemes need to be proactive.

Projects need to be mobilised to meet their targeted connection date or face regulatory scrutiny.

Pension dashboards are coming, and pension providers will not be given another decade to connect.

Mike Penny is a consultant at Simplify Consulting

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