Pensions Dashboards Programme gains 7 new providers

The Pensions Dashboards Programme (PDP) has bolstered its Alpha test phase of pensions dashboards with the addition of seven major pensions organisations.

Various software providers, insurers and third party administrators will work with the programme and the successful central digital architecture supplier in the Key Develop and Test phase of the programme.

The providers include: Aquila Heywood, Aviva, Capita, ITM, Legal and General, Mercer and Phoenix Group.

Combined, the seven providers can offer potential coverage of over 30 million pensions, which will eventually be accessible to consumers via dashboards. Thanks to their early participation in testing, it will help to create a strong foundation for later stages of the programme.

Commenting on the support of the organisations, Paul Noone, head of onboarding at the PDP, said: “The willingness of such well-respected organisations to engage early with the dashboards ecosystem is hugely positive. It allows the programme to develop its systems and processes in tandem with some of the biggest pension providers in the market.

“The embracing of dashboards by these major providers sends a positive message to the wider industry about the advantages of early connection.”

Preparation for dashboards

Under the Pensions Schemes Act 2021, a framework for requiring schemes and providers to connect to dashboards was set out. This was designed to allow individuals view their pensions in one place.

However, pension providers must now prepare for this change, with compulsory onboarding to the dashboards ecosystem likely to commence during 2023.

As part of the Alpha stage, the PDP will develop dashboards technology; ensure that its processes make onboarding as easy as possible; share the learning that it derives from this work across the pensions industry and help providers prepare for connection to dashboards.

Gradual expansion

From summer 2022, the PDP will start to expand the number of volunteer data providers it works with.

However, the programme is encouraging these providers to start preparing now and to consider volunteering early onboarding to help test dashboards, and to also bring early benefits to customers.

Chris Curry, principal of the Pensions Dashboards Programme, aded: “We are delighted with the level of engagement we’ve encountered within the pensions industry.

“We are heavily reliant on our colleagues within the major pension providers for their collaboration at this stage and it’s really encouraging to meet with such a positive response.”