The efficiency of the pensions industry has been estimated to be 30% behind that of other markets. We’re taking longer and we’re spending more. To be dashboard ready, pension schemes and providers have to ensure their data is clean and meets required standards. Industry experts don’t believe that the data present is fit for the implementation, estimating that some £25m will need to be spent over the next four years to make pension dashboards a reality.
Prepare how you'll share data with the dashboard
Dashboards have the potential to revolutionise how people engage with all their retirement income. We expect legislation will compel all pension schemes and providers to make their customer data accessible. Getting your data ready early, with analysis and cleansing, will give you the time to carefully prepare how you’re going to share your data with pensions dashboards.