Pensions dashboards are on target to launch in 2023, according to the latest progress report.
The Pension Dashboard Programme (PDP) confirmed that the main focus of its work over the past six months has been consumer protection.
Given a recap of recent activity the PDP confirmed it had signed a contract with Capgemini last month to supply the central digital architecture for the programme.
This includes building the pension finder service, consent and authorisation service and governance register, as well as other specified deliverables, such as a complaints service.
The progress update confirmed that the DWP is planning to consult on secondary legislation this winter on data requirements, staged onboarding, the compliance regime and consumer protection.
Draft regulations are expected to be laid in parliament in 2022 with the FCA consulting on similar rules for pension providers.
The report also confirms that any entity which wishes to operate a dashboard will need to obtain FCA authorisation to do so. The FCA is expected to consult on the full regulatory requirements in 2022.
Aegon’s head of pensions Kate Smith says: “The ambition is that the largest pension schemes and providers start to connect to the dashboard ecosystem in Spring 2023, all eyes will be on the consultations to see if this continues to be the ambition.”
She adds that this report confirms that having a pension dashboard will be a FCA regulated activity.
Over the last six months the PDP has also continued to develop the requirements for the identity service, which will verify that users are who they say they are. This will be part of the central digital architecture that will make pensions dashboards work, but the PDP said it will procure this as part of a separate process.
The PDP says it is also working with providers on data readiness, to ensure they are able to supply the required data when the scheme starts to go live.
Smith says: “This report clearly shows that the PDP has its hands full but is steadily making progress to ensure that the first pension dashboard become a reality in 2023.
“It’s come along way, but the next six months will be critical as the programme ramps up with testing, consumer research and working with the pension industry and other stakeholders. “