A big majority of pensions professionals are sceptical that the pensions dashboard, currently scheduled for 2023, will be delivered on time.
More than three quarters of respondents surveyed by the Pensions Management Institute were not confident that the dashboard would be completed on schedule.
Only 56 per cent of those surveyed believed that they would be able to provide the required data by 2023, while 36 per cent doubted they would have the information in the next two years.
The main cause for doubt was a lack of resources, with 51 per cent of respondents citing this as their main obstacle, while 46 per cent stated costs were the main barrier to providing data.
The type of data required by the project was also widely mentioned as a potential stumbling block, with 44 per cent listing data quality and 39 per cent data format as key issues.
Confidence in pension policy remains high however, with 61 per cent of professionals surveyed reporting that they were satisfied with regulations over the last six months, with 62 per cent expressing approval in The Pensions Regulator.
In addition, half of the respondents were optimistic about the direction of policy in the next six months.
Based on the research conducted, the PMI has recommended dividing the Chair’s Statement for DC schemes into two separate documents, with one facing consumers and the other recording regulatory activity.
Pensions Management Institute president Lesley Alexander says: “The long-awaited pensions dashboard will be a seismic shift in the pensions industry.
“Hopefully it will lead to a significant increase in the public’s engagement with their pension and allow for more effective retirement planning.
“Despite these challenges, the benefits of getting the dashboard over the line ought to outweigh the cost of its development. To ensure the dashboard is delivered efficiently it is important that the pensions dashboard programme works closely with all those involved in the industry in meaningful collaboration and sharing best practice.”
Pensions Management Institute director of policy and external affairs Tim Middleton says: “There still seems to be no clear agreement as to what kind of service the first version of the dashboard is to provide: whether it will seek just to trace where members’ accrued benefits are held or provide information about the benefits themselves remains unclear. Resolving this would at least provide some clarity for the public.”
