17 December 2020 – Small pots initiative
The DWP-sponsored industry working group on small pots publishes its report stating that dashboards will be instrumental in helping the small pot problem, and completing the dashboards legislation and implementation programme should be the first priority. Further, the PDP data standards provide a starting point to underpin the large-scale consolidation of small pots, for example in relation to identification and matching.
15 December 2020 – Initial data standards
The Pensions Dashboards Programme (PDP) publishes a suite of materials defining the first version of the data standards for initial pensions dashboards:
- Introductory information on the standards
- An explanatory video on the data standards
- The detailed data standards guide
- A blog article from PDP Principal Chris Curry
- A press release.
10 December 2020 – OECD endorsement
Replying to a question on whether pensions dashboards are a useful piece of additional policy from the OECD’s perspective, OECD Analyst Stéphanie Payet says:
“Definitely yes. For any worker, seeing in one place what they will get from the state pension, what they will get from their occupational pensions, and potentially also what they will get from their personal pensions, is the only way that they can start to engage with their pension and realise whether or not they are in line with their individual objectives.”
8 December 2020 – Finding pensions is key
New research from pensions administrator and software supplier EQ illustrates how just finding out you’ve got a pension, or several pensions, will be an incredibly valuable service for nearly half of all members.
It’s well known that many workers don’t know they’ve been automatically enrolled into a pension scheme but the EQ research shines an even brighter light on this lack of awareness.
88% of eligible workers are active members of pension schemes. However, when YouGov surveyed over 2,000 full-time workers for EQ in September 2020, only 48% said they believed they were actively building up a pension.
So, roughly 1 in 2 people don’t know they’ve got a pension. This means that finding these pensions, via their chosen pensions dashboard, will be an incredibly valuable facility which connects people with their money.
3 December 2020 – Language research
Nest Insight and Invesco host a webinar on their new research report Beyond the defaults. The research looks at what simple changes in language could help overcome barriers to engagement with pensions.
Based on the research findings, the report recommends 4 Ps for all communications, i.e. they should be positive, plausible, plain spoken and personal.
Of particular relevance to dashboards data is the finding that people care much more about their estimated retirement income (ERI) than their pot value:
2 December 2020 – Updated Parliamentary research briefing
An updated research briefing report on the entire history of the dashboards initiative is placed in the House of Commons Library, providing an excellent summary and the very latest position on the Pension Schemes Bill.
30 November 2020 – Opposition to multiple dashboards
24 November 2020 – Find, but what else?
In a mallowstreet article, Sandra Wolf asks, beyond finding their pensions, how much should consumers be able to see – and do – on pensions dashboards?
The article discusses the balance that needs to be struck between empowering savers to take action around pensions, and protecting them from their own decisions.
Independent pensions expert Chris Wagstaff is quoted as saying: “Having all pension entitlements displayed in one place should, in itself, help spur most people into some sort of action, [as long as dashboards are] simple to access and intuitive”.
But, “what people really need to know is how much income all of these entitlements will collectively generate, at one or a number of desired future points in time, how sustainable that level of income is likely to be and over what period this income will likely be paid.”
24 November 2020 – Research is key to dashboards
In a PDP blog article, PDP Analyst Rita Patel discusses the importance of user research for the development of pensions dashboards. This includes the appointment of the Behavioural Insights Team to rapidly assess the existing evidence on how dashboards can increase people’s engagement with pensions.
11 November 2020 – Visible Capital pension finder
In an IFA Magazine article, Visible Capital Founder Ross Laurie announces that, whilst being very supportive of the PDP, they will launch an alternative fully functioning pensions finder product, before the end of 2021. They have signed up nine of the UK’s main pensions providers to work with them to provide the data (using Origo standards), covering 75% of the market.
28 October 2020 – PDP publication suite
The Pensions Dashboards Programme (PDP) publishes a major suite of materials:
- A pensions dashboards ecosystem explainer video
- A blog article from Programme Director Jamey Johnson
- An indicative programme timeline
- A second Progress Update Report
- A qualitative research report from PwC
- A Summary of Responses to the summer Call for Input on data.
On the same day, the Department for Work and Pensions publishes a major research report into people’s retirement planning and decision-making. The report’s concluding sentence makes the strong case for dashboards:
“Given high levels of disinclination to engage with retirement planning or consider the financial risks in detail, and the tendency to focus on the present, information and guidance needs to focus on the immediate positives of pension saving behaviour, and help people easily bring together and see their combined pensions savings and the potential retirement income they will generate.”
21 October 2020 – Identity market engagement
The PDP launches a market engagement exercise with potential suppliers of the identity service within the central digital architecture of the pensions dashboards ecosystem.
15 October 2020 – US watching UK closely
The report states that “because the US retirement system is more like the UK’s than those of other countries with dashboards, insights from the ongoing UK development could facilitate the US process … [in particular] the obstacles encountered in the UK could be instructive as the US designs its [dashboard(s)]”.
12 October 2020 – Usability Working Group launched
In a PDP blog article, PDP Head of Product Raman Dhaliwal announces the launch of the PDP Usability Working Group to focus on users’ needs of pensions dashboards.
2 September 2020 – Data engagement blog
In a PDP blog article, I round up the PDP industry engagement activity on data standards over the Spring and Summer of 2020.
6 July 2020 – Call for Input on data
22 June 2020 – Data and Supplier announcements
In his latest blog article, the Pensions Dashboards Programme (PDP) Principal Chris Curry announces a) a Call for Input on dashboards data to run over the summer, and b) the start of a market engagement exercise with potential suppliers of the central digital architecture of the pensions dashboards ecosystem.
14 May 2020 – PMI Webinar reviews
Together with Chrises Curry & Connelly, I present a dashboards update webinar (hosted by the Pensions Management Institute) to over 250 online attendees. The webinar is reviewed by mallowstreet’s Sandra Wolf and Henry Tapper on his blog, focussing on the breadth and depth of pensions data that could be shown on initial pensions dashboards.
5 May 2020 – 1 in 25 house movers tell their pension provider
17 April 2020 – House of Commons Briefing
The House of Commons Library publishes a Briefing paper looking at the pensions dashboards debate and referring to the previous week’s Progress Update Report from MaPS.
8 April 2020 – Progress Update Report published
The Pensions Dashboards Programme (PDP) run by the Money and Pensions Service (MaPS) publishes its first Progress Update Report and two working papers about pensions dashboards data.
14 February 2020 – Bill coming to Commons around Easter 2020
In his Tweet thread announcing his re-appointment as Minister for Pensions, Guy Opperman talks about his priorities. Top of the list is the Parliamentary passage of the Pension Schemes Bill. Amongst other things, the Bill creates powers to require pension providers & schemes to make their customers’ pensions data available to dashboards, so “you can see all pension pots in one place”. The Minister states that “our Bill will reach the House of Commons around Easter”.
Delighted to be re-appointed by the PM as Minister for Pensions + Financial Inclusion.
We’ve already achieved a lot, but there is lots more to crack on with.
— Guy Opperman (@GuyOpperman) February 14, 2020
7 January 2020 – Bill introduced to Parliament
The Pension Schemes Bill, containing provisions to compel pension schemes and providers to make their members’ / customers’ pension data available to dashboards, is introduced to Parliament: