Great news – the response is here! Now the extensive work to deliver dashboards can really begin…
Getting all pensions on to dashboards within a reasonable timescale gives the industry a great opportunity to really improve its reputation with the British public. To make this happen efficiently, ITM calls for:
- Government to push ahead rapidly with the primary and secondary compulsion legislation
- The Money & Pensions Service (MAPS) to quickly appoint the Chair and Implementation Director of the Pensions Dashboards Industry Delivery Group (PDIDG)
- Regulators to work closely with industry to dust off and finalise the prototype dashboard data standards (originally developed in 2017 by ITM and others).
Central to success will be the dashboard “ecosystem”, in particular, Identity Authentication and Pension Finder Services: PDIDG must settle these designs urgently.
Confirmed data standards are also critical, defining the data items needed firstly to find, and then to show, pensions of all different types on dashboards.
With certainty on compulsion legislation, a confirmed ecosystem architecture, and finalised data standards, pension schemes, providers and administrators can at last justify investing in getting ‘dashboard-ready’. Working with clients across the pensions industry gives ITM genuinely unique insight into data quality issues; some are already well prepared; others have work to do.
Schemes and providers already complying with data management best practice will have little work to do to ensure that their pension data is dashboard-ready. Others, however, will need to invest in data cleanse of either identifying data and/or pension entitlement data.
Commenting on today’s publication, ITM’s Executive Chairman, Duncan Howorth, said: