Pensions dashboards: Further developments

In addition to the 9th progress update report published by the Pensions Dashboards Programme, there have been further publications in relation to the dashboards regime.

As trailed by the PDP in its progress update, new data standards have been produced, and the PDP has published a blog summarising the changes. The standards set out the data requirements for finding and viewing pensions information and how such information must be formatted. Further standards on technical and design issues are to be published once tested by volunteer participants. All pensions dashboard standards are subject to final sign-off from the Secretary of State for Work and Pensions.

The Pensions Administration Standards Association has published an update on its forthcoming dashboards guidance. Imminent publications include:

• A toolkit for trustees and administrators to help them meet their duties in relation to AVCs, with the first phase due in the second quarter of 2024.
• A “test case matrix” to help schemes understand the breadth of testing needed and to plan their own testing.

PASA also intends to provide further guidance on matching data as well as helping schemes with issues related to query handling, and communicating with members. Existing guidance will be updated as required and PASA will continue to work closely with the Pensions Dashboards Programme and regulators.

On May 10, 2024, the National Audit Office published its report on delivery delays by the DWP and Money and Pensions Service on the Pensions Dashboard Programme. Some of the report’s key findings are below.

• Dashboards are expected to be used by an estimated 16.3 million people.
• A range of factors, including rise in supplier costs and delivery timetable being extended by two years, have increased programme’s estimated cost by 23 per cent from £235 million in 2020 to £289 million in 2023.
• Capacity and capability issues, including a lack of digital skills and ineffective governance, have contributed to the delays.
• The Money and Pensions Service estimates that once operational, the dashboard programme will generate £413 million in benefits, based on an assessment of how much people would be willing to pay for a pensions dashboard and the value of lost pension pots recovered.

On the current timetable, all schemes are due to connect to the pensions dashboard by October 2026.