The pensions industry has welcomed the Department of Work & Pensions decision to give providers a six-month lead time before the dashboard project goes live.
Previously the DWP had proposed that the industry would get just 90 days’ notice. But this decision to award a longer lead in came after after feedback from the industry, and was announced yesterday in the DWP’s formal response to the latest dashboard consultation.
The pension dashboard regulations will now be laid in parliament today.
The DWP said: “By making this change to at least six months’ notice, the regulations provide greater certainty for the pensions industry to make final preparations for the public launch of pensions dashboard services.
“The government also remains committed to working transparently with industry about when the formal notice of the Dashboards Available Point will be issued.”
The DWP said it has also considered the consultation responses on the disclosure of information provision and will be proceeding as planned. This is to enable the Pensions Regulator (TPR) and the Money and Pensions Service (MaPS) to support each other as appropriate in their roles relating to the secure delivery of the pensions dashboards digital architecture.
Legal & General welcomed the decision to give providers more notice. Legal & General head of product policy strategy, workplace savings, Colin Clarke, says: “The introduction of the pensions dashboard needs to be a continued priority, but it also needs to be implemented well.
“An incomplete experience would completely undermine the purpose of the dashboard, which is to help people more effectively engage with their retirement savings. Efforts to keep people focused on their retirement finances are crucial and we realistically get one-shot to offer the experience people will expect, otherwise we risk losing their attention.
“To deliver a pensions dashboard that allows people to access all their pension information in one place is a complex goal. As one of seven providers who have helped with testing the technology, we know there is still much work to do before the dashboard can be launched and it’s important that the industry is given adequate notice before it goes live. It’s good the government has extended the timeline.”
Aegon head of pensions Kate Smith welcomed the progression of the dashboard regulations into legislation. She says: “Another day, another missing piece of the pensions dashboards jigsaw is in place. The regulations set out the details of pensions dashboards, including what providers and schemes need to do and when, and how this activity will be enforced. Hopefully these will be finalised next month, giving the pension industry absolute planning and delivery certainty.”
However she adds that the industry is still awaiting critical pieces of regulation. “We still don’t have the full picture. We’re waiting on the FCA to respond to its pensions dashboards consultation confirming the timetable for regulated pension providers, the Pensions Dashboards Programme’s response to its summer consultation on its standards, and a consultation from The Pensions Regulator setting out its pensions dashboards regulations. These are expected to be coming thick and fast now.”
