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:
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:
“The nitty gritty of making pensions dashboards work can no longer be kicked into the long grass. Compulsion will start in the early 2020s, so pension schemes and providers should make appropriate preparations to ensure the relevant data is up to scratch sooner rather than later.
Regulators should set a high bar on dashboard data quality standards and trustees should look to their pensions administrators for assurance that their data is dashboard-ready. Much valuable learning on this will be possible if volunteer schemes come forward, from across the pensions industry, to work with the MAPS Delivery Group prior to compulsion. Dashboards represent a wonderful opportunity for UK pensions. Any schemes or providers failing to step up to make their pensions available to dashboards risk damaging not just their own reputation but that of the industry too. Dashboards are a truly pan-industry collaboration for the benefit of consumers.”
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