Further delays appear to have hit the Pensions Dashboard, with the group tasked with implementing this initiative confirming it will not be fully operational until 2023.
This is the date by which pension scheme will be compelled to connect to the dashboards, giving consumers a comprehensive view of all their pension savings.
This date was confirmed by the Money and Pensions Service, in a regular update on the Pensions Dashboard programme.
AJ Bell says the government may face criticism for further delays, as originally it said it wanted to introduce dashboard from 2019.
However it added that given the importance of data accuracy and ensuring maximum participation rushing the introduction of dashboard would be an unnecessary risk
AJ Bell senior analyst Tom Selby says: “Rushing the introduction of half-baked pensions dashboards would have risked causing terminal damage to a project which has the potential to revolutionise retirement engagement in the UK.
“Allowing people to see all their retirement pots in one place is a colossal undertaking, particularly when you consider the hotchpotch of different schemes that exist.
“While most modern platforms are well positioned to do this, some older-style pensions and defined benefit schemes are still administered using antiquated technology systems and therefore face a bigger challenge in supplying data. Ensuring this data is shared in safe manner has to be the number one priority for a project like this.”
Origo managing director Anthony Rafferty “Pensions Dashboards are back in the limelight with the passage of the Pensions Bill through Parliament and now further clarification on the Pensions Dashboards Programme pathway from MaPS.
“The next six months will move the project forward – with procurement of the digital architecture, identity verification, publication of data standards, and development of an onboarding strategy being key practical elements.”
He says MaPS confirms that these will be followed by work on areas such as liability, consumer protection and redress.
Rafferty adds: “Origo has continued to work closely with our development partners since the original prototype project right through to now and stand ready with well formulated technology and service model to support rapid progress.
“We are pleased to see that digital architecture procurement is the next step being taken, with the process starting by the end of this year. The digital architecture is the cornerstone of the dashboard as it is crucial to integration for participants, for testing and to support the provider onboarding exercise.
“It allows also for other key areas which go hand-in-hand with it, such as digital identity and data standards, to move forward.
“That MaPS has stated categorically that it will be taking a user-centric approach – focussed on making Pensions Dashboards easy to use and understand, reliable, consistent and secure – will also ensure consumer outcomes will be front of mind for all companies and organisations involved in developing the dashboards.”
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