Pensions Minister Emma Reynolds confirmed that the government’s MoneyHelper Pension Dashboard will be accessible before any commercial versions.
According to the Department for Work and Pensions (DWP), the date, which has yet to be confirmed, will not be made public until the majority of the pension schemes are linked and the dashboards are operating properly.
Reynolds says: “I have directed the PDP to focus its efforts on the connection and launch of the MoneyHelper dashboard service (provided by MaPS), before turning to the work of connecting commercial dashboard services.”
“We are committed to the existing published timetable for the connection of pension schemes and providers to the pensions dashboards ecosystem, which is expected to begin in April 2025, as well as the overall connection deadline of 31 October 2026.
Reynolds stressed that the government is in favour of the launch of several commercial pension dashboard services in order to increase savers’ options and encourage greater involvement. However, she points out that it’s advised to start with the MoneyHelper dashboard to guarantee the best user experience.
Reynolds says: “Prioritising the launch of the government-backed dashboard in this way will provide an opportunity to obtain better insights into customer behaviour and ensure greater confidence in operational delivery, security, and consumer protection before facilitating the connection of commercial dashboards.”
Meanwhile, it is also anticipated that the FCA will publish the final governance regulations for commercial dashboards before the end of this year.
AJ Bell head of public policy Rachel Vahey says: “Pension Dashboards will have the power to dramatically improve pension engagement. They will give people an overall picture of their pension savings, letting them know how much they have saved so far, where it is, and, importantly, how to add to it and how to get hold of it.
“It’s therefore reassuring the government is maintaining its commitment to such an important project, especially when the public finance purse strings are so constrained. We need to keep up the momentum to develop dashboards and drive this initiative to delivery.
“Pension Dashboards need to cover most pension schemes, work efficiently, and be easy to use. Obviously, the Pension Dashboards Programme (PDP) should concentrate on getting all these elements right. But there is simply no point building dashboards if no-one is going to use them.
“Restricting the dashboards to a single one – the government’s own version – means not as many people will be aware of the dashboard or use it, potentially missing out on the opportunity to trace lost pension schemes, but also to put their pension savings back on track.
“A ‘soft’ launch could make sense, whilst dashboards are tested to ensure they are working as expected. But for dashboards to be a success it’s essential that commercial dashboards are launched as soon as possible, allowing them to play their role in making sure pension savers are aware of them and use them.”
Scottish Widows head of policy Pete Glancy says: “We welcome the Government’s commitment to multiple qualifying dashboards, which will support innovation in best meeting these needs of pension savers.
“The public will benefit from being able to see all of their combined pension income, which they are on track to have in retirement, in one place. We know that they are much more likely to engage with their pension pots if they can access that information through channels which they already visit often. For example, in any one week, people view their pensions digitally over 7 million times across Scottish Widows and LBG apps.
“We are excited about the difference that dashboards could make but recognise its important to get something as important as this right. Let’s maintain the momentum.”
ABI director of policy, long term savings, health and protection Yvonne Braun says: “Pensions dashboards will be a huge catalyst for positive change in how people engage with their pensions, including helping them find lost pension money. We are reassured to see the Government’s continued commitment to the Programme, and to launching both a state-owned MoneyHelper Dashboard and enabling commercial dashboards. Commercial dashboards are vital because they will allow the maximum number of people to find their pension information in the on-line services they use day to day.
“It is therefore crucial both the MoneyHelper dashboard and commercial dashboards are launched as soon as possible, and very closely together, so that this pioneering project can deliver on its enormous potential.”