Pension firms urged to continue dashboard prep
A leading industry body has urged pension providers to continue to implement their Pensions Dashboards plans, including how they will connect to the central digital architecture.
The call has come from industry-backed fintech company Origo.
Origo says that despite a Government Pensions Dashboard "re-set" and the scrapping of the current timetable the dashboard plans must move ahead.
In early March Pension Minister Laura Trott announced a reset of the schedule, saying more time was needed for the successful connection of the wide range of different IT systems in the industry, to the dashboards’ digital architecture.
Some experts said the delay, the latest in a series, cast doubt on the future of the Pensions Dashboards which will provide pension savers with an all-in-one hub to keep track of their pensions.
Anthony Rafferty, chief executive of Origo, said the delay gives pension providers a chance to get ahead of schedule, “ensure their data preparation and dashboard connection solution is in place and working so as not to risk missing the deadline.”
“While the timeline for implementation of pensions dashboards is being delayed slightly, this is a crucial project for individual pension savers and financial wellbeing within the UK.
“While providers cannot yet connect to the PDP/MaPS dashboards digital architecture, there is much they can do to be ‘dashboard ready’ ahead of time through an Integrated Service Provider (ISP) such as the Origo Dashboard Connector, which is aligned with the central digital architecture.
“With the industry predicted to receive millions of requests for pensions data when dashboards are fully live, providers need to have in place a robust, comprehensive and scalable service which can securely and compliantly handle their pension dashboard processing requirements ahead of their deadline to connect to the central digital architecture.”