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Pensions minister says “get dashboard data ready” 

Minister for pensions and financial inclusion, Guy Opperman, urges pension providers to prepare for dashboards as the key data standards are published. 

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The Pensions Dashboards Programme (PDP) has published the standards which will underpin the initial technology and allow individuals to view their pensions via their chosen dashboard.

The PDP, set up by the Money and Pensions Service (MaPS), has responsibility for designing and implementing the digital ecosystem.

 

Data standards provide a common language to describe the pensions information that will be found and displayed on the dashboards, for each individual’s different pensions. UK pension providers will be required to ensure that the data they hold is consistent with the data standards, so that consumers can access this information.

 

The basic information that pension providers will supply to the initial pensions dashboards will include:

  • Find data: to access dashboards, users will need to share their personal data via an identity service, so they can be matched to the pensions they hold. Find data that pension providers will need to match against includes information such as a person’s first name and surname, date of birth, address and national insurance number.
  • View data: once the person’s identity has been verified, the pension provider(s) will display information about any pensions found to the user via their chosen dashboard. This will include details such as a person’s pension arrangement and the name of the pension provider.
  • Income data: this will provide the individual with an estimated retirement income and the date payable for each pension; as well as the current value of a person’s pension pot if they have defined contribution pension(s).

UK-based state and private pensions, including in the public sector, will be included in the first iteration of pensions dashboards.

 

The publication of data standards follows the release of the PDP’s Progress Update Report in October 2020, which included an indicative timeline for the development of dashboards and estimated the point at which dashboards could be available is from 2023 onwards.

 

Opperman said: “Bringing information to savers at the touch of a screen will revolutionise how we engage with our pensions and plan for retirement.

 

“Getting data standards right is vital, to realise the full potential of pension dashboards. The publication of key data standards is therefore an important and welcome step.

 

“I’m encouraged by the progress to date and the continued collaboration driving it forward. I am ambitious for the future of dashboards, as a place where people can easily see what they can expect at retirement, and the value their current providers are giving them.”

 

“My message to pension providers remains, get dashboard data ready.”

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