Pension schemes confident they are ready for dashboards integration though many challenges ahead

Minister for Pensions Emma Reynolds recently announced the Pensions Dashboards Programme (PDP) will be prioritising work on the launch of the MoneyHelper dashboard service before turning to the work of connecting commercial dashboard services.

Responding to a survey before the announcement, 90% of schemes said they were either ‘very confident’ or ‘moderately confident’ in their ability to connect, with nine in 10 confident they will meet their deadlines for regulatory compliance.

Despite confidence in their readiness, the survey uncovered some aspects where schemes require further preparation. Sixty percent of respondents have determined which data items to use in matching, while fewer have planned how they will deal with partial matches (33%) or how they will calculate Expected Retirement Incomes (30%).

Data quality is the area of dashboard readiness where schemes have the most concerns (49%). This includes formatting and standardisation of data (44%), consolidating data from multiple sources (43%), ensuring real-time data updates (37%) and complying with data protection regulations (21%).

The PLSA has previously found challenges associated with accurate matching, particularly where member data is not regularly updated by employers or members. For example, incorrect key identifiers, such as surname, which can hinder the matching process.

How to appropriately respond to members’ enquiries after using dashboards is also an area of concern for schemes (40%).

Nigel Peaple, Chief Policy Counsel at the PLSA, said: “We have long been a strong supporter of Pensions Dashboards and believe it is key to helping improve saver engagement with their pensions and helping them plan their retirement income.

“Our survey shows that schemes are making good progress in preparing their data for connection, though many challenges remain. We, therefore, encourage the Government to give the industry as much notice as possible ahead of the Dashboard Available Point. This will help them resolve any remaining data issues with their administrators and integrated service providers, and to train staff effectively in handling incoming saver queries.

“The PLSA will continue to support schemes by providing dashboards updates, including relevant timelines and working with government to ensure the member experience and consumer safety are at the heart of the project.”

Methodology

The PLSA surveyed its pension scheme members 19 September – 7 October with 88 responses.

Mark Smith, Head of Media Relations
020 7601 1726 | [email protected]

Cali Sullivan, PR Manager
020 7601 1761 | [email protected]