30 June 2022 – Another ISP
In a press release, Origo announce their intention to launch an Integrated Service Provider (ISP) product in September. The other five ISPs announced so far are Altus/ITM, Bravura, Civica, Heywood and Procentia.
28 June 2022 – DAP consultation
DWP launches s a further 3-week consultation on the draft dashboards regulations, on the Dashboards Available Point (DAP) and on information sharing between MaPS and TPR.
23 June 2022 – Busy day on dashboards!
Various announcements today:
- A press release from Moneyhub confirms they are the first commercial dashboard to connect to the “front end” of the central digital architecture (CDA)
- A press release from Heywood confirms they have connected their Integrated Service Provider (ISP) solution to the “back end” of the CDA
- A research report from TPR finds only half (53%) of administrators questioned agreed they would be able to deal with the administrative demands placed on them by dashboards
- Following a Corporate Adviser (CA) roundtable, CA publishes two detailed articles, on provider readiness and customer primacy, plus a 16-page supplement
- The Spring 2022 report from the ABI / PLSA Small Pots Co-Ordination Group says reusing elements of the dashboards initiative (such as standards for personal data matching) will be key to resolving the huge & growing problem of small defined contribution (DC) pension pots.
22 June 2022 – TPR guidance
The Pensions Regulator (TPR) publishes guidance for pension trustees to help them prepare for connecting their schemes to the pensions dashboards ecosystem.
21 June 2022 – ABI policy report
In its major 10-year policy recommendations report, What will the next decade bring?, the ABI says industry should “continue to champion dashboards including tools that help customers to understand their retirement planning”.
13 June 2022 – TPR Corporate Plan
The Pensions Regulator (TPR) publishes its two-year Corporate Plan (2022-2024), including launching “a programme of education, highlighting the steps schemes need to take to meet their dashboard duties, including what data to prepare”.
12 June 2022 – Ministerial profile
A major Sunday Times Money profile of the, now longest-serving, Pensions Minister, describes dashboards as “the most noticeable of the big changes to our pensions system”.
7 June 2022 – TPR / FCA consumer journey
In their feedback statement on their joint Call for Input on the pensions consumer journey, TPR and FCA say dashboards “could enhance consumers’ ability and willingness to engage with their pensions at various stages of the consumer journey”.
6 June 2022 – When will dashboards launch?
In a short video LinkedIn post, PDP Principal Chris Curry says that dashboards will be made available to the public only once “it’s safe and secure for people to use the service”.
3 June 2022 – Projection challenges
In an FT Opinion piece, LCP’s Steve Webb describes some of the challenges with the FRC’s proposals for standardising defined contribution (DC) pension projections.
1 June 2022 – PDP / Heywood webinar
27 May 2022 – Multiple benefits
In a Pensions Expert comment piece, Buck’s Wayne Gibson argues that dashboards could have multiple benefits for the pensions industry.
25 May 2022 – FCA regulatory grid
In the latest update to its Regulatory Initiatives Grid, FCA confirms it intends to consult on dashboards rules in Q4 2022, with the milestone of finalised rules for Qualifying Pensions Dashboard Services (QPDS) falling sometime in the six months from Apr to Sep 2023.
24 May 2022 – Elizabeth Line lessons
In a blog article, which also appeared in Professional Pensions, PLSA Director of Policy and Advocacy Nigel Peaple explains the difference between dashboards ‘connection’ and ‘launch’, emphasising the need for extensive testing in-between, and drawing upon key lessons from Crossrail.
19 May 2022 – How to become a dashboard
16 May 2002 – Which dashboard will be best?
In a thought-provoking Money Marketing article, Michael Klimes quotes LCP Partner (and former-Pensions Minister) Steve Webb saying over the next two years it’s likely the public will be bombarded with advertisements, alongside much media coverage and speculation, about who has the best dashboard.
15 May 2002 – The PFS works!
PDP confirms in a LinkedIn post that they have successfully tested the central Pensions Finder Service (PFS) built by Origo.
11 May 2022 – Consumer protection blog
PDP Head of Policy David Reid blogs about the consumer protection landscape for dashboards.
10 May 2022 – Standard Life survey and blog
Standard Life publish the results of their LinkedIn survey which found pensions visibility is expected to be the main benefit of pensions dashboards. Supporting this is Standard Life’s blog on lessons from Sweden and the roll out of the Swedish dashboard, MinPension.se.
9 May 2022 – Third ISP announces
Following Altus/ITM and Heywood, Procentia is the third organisation to announce an ISP service, called Smart ISP (or, for existing clients, Smart ISP+).
6 May – FRC consultation closes
The FRC consultation (on changes to the AS TM 1 basis for projecting DC pensions into the future) closes, although FRC subsequently extended the deadline to the end of May. Responses put in the public domain include:
- Association of Consulting Actuaries (ACA) response
- Pensions Administration Standards Association (PASA) response
- Pensions and Lifetime Savings Association (PLSA) response
- Society of Pension Professionals (SPP) response
29 April 2022 – Chris Curry blog
27 April 2022 – Government response to WPC
The House of Common Work and Pensions Committee (WPC) publishes the Government response to WPC’s report published on 18 January 2022 (scroll back to January for this).
Amongst other things the Government response stated that: “It is important to establish trust in dashboards as they are introduced. We have taken the position that they will start with a basic level of information, with the potential to include more detail or functionality as our understanding of consumer needs develop. We have been clear throughout that in order to develop a digital service that is safe, useful and relevant to consumers, future enhancements to dashboards functionality should not be decided before the initial offer has been tested with users and any behavioural effects are understood. This means that transactions will not be possible on the initial version of dashboards”.
27 April 2022 – Webinar heaven
At one point this morning, there were three online events running where you could hear about pensions dashboards:
- PDP ran a webinar with TPR promoting their 5th 6-month Progress Update Report
- Standard Life ran a webinar with Anders Lundström, CEO of minPension.se
- The Work and Pensions Committee heard oral evidence from various leading pensions industry figures as part of their enquiry into Saving for later life.
A key lesson from Anders’ experience creating and operating the Swedish dashboard over the last 18 years is the early need to manage expectations. Expectation management was done rather well in Parliament by Will Sandbrook, Nest Insight’s Managing Director of Strategy & Analytics:
“We [Nest] are really supportive of the dashboards programme. Dashboards could be really powerful for people, but that power may not extend, for quite a lot of people, to actual changes in behaviour … Dashboards have the capacity to be enormously helpful for people in understanding where they stand … absolutely a necessary pre-condition for people to do more … but there have to also be safeguards in the system for those who don’t.”
25 April 2022 – Altus/ITM first to connect
13 April 2022 – Pre-Easter roundup
PLSA publishes a list of 30 FAQs with answers on the PLSA Pensions Dashboards Hub. The FAQs were raised by the audience at the PLSA Pensions Dashboards Webinar which included a demonstration of the potential Moneyhub alpha dashboard. The webinar and FAQs refer to the 2-page PLSA Pensions Dashboards Pension Scheme Checklist summarising the actions schemes must take to prepare for dashboards.
8 April 2022 – FCA consultation responses
The FCA consultation on new rules requiring contract-based pension providers to connect to the dashboards ecosystem closes. Responses put in the public domain include:
- Pensions Administration Standards Association (PASA) response
- Pensions and Lifetime Savings Association (PLSA) response
- The Investing and Saving Alliance (TISA) response
4 April 2022 – Programme Director blog
1 April 2022 – Alpha product offerings
With exactly one year to go until the start of staging, two of the ten alpha partners to PDP announce their potential product offerings:
- Altus | ITM in the data / Integrated Service Provider (ISP) space, and
- Moneyhub in the potential dashboard provider space.
Week ending Sunday 13 March 2022 – Final week of DWP consultation
As we enter the final week of the DWP’s six-week consultation on the draft dashboards regulations, various organisations are publishing their responses:
- ACA response – calling for another round of consultation on the draft regulations due to gaps and lack of clarity found in the initial draft regulations.
- APPT response – broadly supportive of many of the consultation proposals.
- LCP response – making four main points: that dashboards shouldn’t be inhibited from providing value add services (such as modelling); the risk of a consolidation ‘dash for cash’; the dangers of a ‘big bang’ dashboards launch (see PASA’s response below); and the urgency of the development of an ISP market.
- LGA response – saying that LGPS funds should connect from April 2025 rather than April 2024.
- PASA response – highlighting the importance of the liability model and the need for multiple, incremental launches of dashboards at multiple Dashboards Available Points (or DAPs).
- PLSA response – setting out, amongst other things, the three key tests which must be passed before dashboards are launched.
- Sackers response – highlighting the ambitious timeline, DB complexities and liability.
- SPP response – flagging liability, design standards and compliance enforcement as some of the key issues.
- TISA response – calling for greater alignment between dashboards and the provision of guidance and advice.
21 February 2022 – Intellica audit solution
Pensions data specialists Intellica announce their PyxisPD data audit solution to help schemes audit their dashboards data readiness.
14 February 2022 – FRC consultation
The Financial Reporting Council (FRC) publishes a consultation on a revised basis for calculating projected future defined contribution pension incomes which will appear on dashboards.
11 February 2022 – FCA consultation
In parallel with the 31 January DWP consultation (which covers trust-based and public service pension schemes), the FCA launches a consultation covering contract-based pension providers.
7 February 2022 – Digidentity contract
4 February 2022 – Capita/Intellica service
Working in parnership with Intellica, Capita announce their new service to analyse pension schemes’ data readiness to meet the new dashboards legal requirements on schemes.
3 February 2022 – Programme Director blog
In a blog article, PDP Director Richard James describes how PDP will work with:
- the four dashboard providers Aviva, Bud, MoneyHelper and Moneyhub,
- the central digital architecture supplier Capgemini, with Origo, and the interim digital identity provider, and
- the seven data providers Aviva, Capita, Heywood, ITM/Altus, Legal & General, Mercer and Phoenix Group
to build the alpha pensions dashboards ecosystem in just a few (i.e. five) months’ time.
31 January 2022 – DWP regulations and PDP outline standards
DWP launches a major consultation on draft regulations and PDP publishes five draft or outline standards documents to support the consultation (on data, design, reporting, technical and connection). DWP / PDP subsequently run four webinars to help explain the consultation: Webinar 1 Overview, Webinar 2 on Dashboards, Webinar 3 on Schemes and Webinar 4 on Pensions Values.
27 January 2022 – SPP Member Survey
The Society of Pension Professionals (SPP) publishes a short report on its regular survey of its members (carried out in December 2021).
The survey found that dashboards will be pensions professionals’ top priority in 2022, alongside climate change issues. They felt climate would also be Government’s and regulators’ top 2022 priority. So it was odd that they felt dashboards would only be Government’s priority number 4. Does this suggest industry feels it is taking dashboards more seriously than Government?
Some survey comments were:
“Dashboards are the game-changing pensions development. That said, the industry needs to be listened to … we will need a lot of energy to both argue our case and position the industry for any negative outcomes if the Government does not listen. There are serious technical challenges in delivering dashboards, and a proper partnership between government and industry is needed.”
25 January 2022 – Ipsos Mori research (Pt 2)
19 January 2022 – ABI Research Reports
The ABI publishes two research reports:
- One, by BritainThinks, from consumers’ perspectives;
- The other, by ABI itself, from interviews with industry stakeholders.
The gap in expectations could not be clearer. For example: BritainThinks found “consumers expect the ‘basics’ [such as completeness of data] to be nailed”, but ABI found “data will only be returned once matching data is accurate and matching standards are reasonably designed”.
It’s clear that a major part of dashboards success will be managing savers’ expectations.
18 January 2022 – WPC Report
The Work and Pensions Committee (WPC) publishes a report on the pension freedoms, also looking at dashboards. The Committee believes the dashboards policy has the potential to be highly influential, as long as the implementation is resourced properly:
12 January 2022 – GB Retirement Survey
interactive investor (ii) publishes the Great British Retirement Survey 2021. In Spring 2021, 10,000 online respondents were asked how many pensions they have. Of the non-retired respondents, only a quarter said they have one pension; the rest said they have more than one, or don’t know. The ii report says that dashboards “cannot come soon enough”.
11 January 2022 – Dashboards blog
In a blog article, PDP Director Richard James explains how PDP will develop the market for dashboard providers during 2022.
10 January 2022 – Romantic in its simplicity
10 January 2022 – Capita preparations
In a LinkedIn article, Capita Director of Pensions Policy Anish Rav outlines what they are doing to help their clients prepare for dashboards.
3 January 2022 – Early retirement complications
A Pensions expert article refers to a PMI survey about the upcoming changes to Normal Minimum Pension Age (NMPA). Surveying 2,000 individuals at the end of 2021, the PMI found that only 4% knew that the current NMPA is 55, let alone that it is increasing to 57. The extent to which dashboards need to make clear, and understandable, what the NMPA is for each pension needs to be thoroughly tested with savers during 2022.