London Business News

Political buy-in needed to construct pensions dashboards a reality

The Pensions Dashboard Programme today issued its seventh update report on the progress of building and launching pensions dashboards.

It provides further information following the March announcement from the Department for Work and Pensions (DWP) around changes to the connection timeline, as well as the replanning work towards the programme’s reset period. Delivering dashboards is incredibly complex, and it is critical that we hold the time to procure it correct for industry and ensure that the correct support for connection is in space.

Rachel Vahey, AJ Bell head of policy development, comments: “There has been diminutive change to the dashboards landscape since the Ministerial statement in March, which pulled the plug on the proposed timescales, sending the Pensions Dashboards Programme (PDP) and DWP back to the drawing board to confer.

“The PDP’s qualitative research shows people are broadly positive about pensions dashboards, generally seeing diminutive or no downside to using the free service. So it’s critical to support the momentum going on this novel initiative.

“However, we are now playing a waiting game. The Pensions Minister is due to give an update to Parliament before the summer recess, and, although this is not guaranteed, it would be qualified if that set novel timescales for connecting to and launching the dashboards.

“Without this political buy-in, there is a risk that the general election may delay plans again, leaving pension savers waiting even longer without an easy way of checking their overall pension provision.”