As a reminder, the Money and Pensions Service is responsible for creating the dashboard, with the PDP designing and implementing the hosting infrastructure, as well as developing standards to facilitate ongoing connection to the PDP dashboard ecosystem.
MoneyHelper service to be made available ahead of broader dashboard launch
The Minister announced that the state-run MoneyHelper pensions dashboard will be released to the public before any commercial dashboards are launched. This approach is intended to allow for extensive user testing before the platforms from pensions providers become available. By prioritising MoneyHelper, the programme will look to gain deeper insights into user behaviour and build confidence in operational performance, security, and consumer protection before connecting commercial dashboards.
The Minister also confirmed that the PDP remains focused on integrating pension providers and schemes into the PDP dashboard ecosystem. Initial connections with volunteer participants are already underway, with broader industry integration planned to follow according to the timetable outlined in upcoming guidance.
Emma Reynolds MP said, “Everyone should feel confident about their retirement, and pensions dashboards will be a game changer for retirement planning, promoting greater engagement, which in turn could promote greater outcomes. Prioritising the launch of the MoneyHelper service ahead of commercial dashboards will help us gain greater insight into how people use the platform – putting customers at the centre of the design. I am fully committed to the delivery of pensions dashboards which will give future pensioners the choice and security in retirement they deserve.”
Oliver Morley, Chief Executive of the Money and Pensions Service, added, “Pensions dashboards will transform how people view their retirement savings, and will help pension providers and schemes’ engagement with better informed customers and members. Dashboards are a truly collaborative effort between Government, industry and regulators. We are working hard together to create a service that puts savers in control of their pensions.”
FCA publishes final framework for pensions dashboard service firms
Adding to the momentum surrounding pension dashboards, the Financial Conduct Authority (FCA) released its final rules and regulatory framework for pensions dashboard service (PDS) firms, in what the FCA dubbed a ‘big step forwards’ for the programme. The framework is divided into two main categories: general ‘high standards’ for all FCA-regulated financial firms and specific requirements for PDS providers to balance risks with opportunities.
The FCA said it wants to ensure that PDS platforms build consumer confidence, enabling secure and positive engagement with pensions to feel fully supported in their retirement planning. It warned, however, that losing consumer trust could undermine the potential benefits of dashboards. At the same time, too-stringent standards risk stifling innovation and deter reputable firms, limiting opportunities for consumers.
The FCA’s framework is therefore designed to be proportionate for the initial rollout of dashboards, while acknowledging their potential to evolve into more advanced tools. The FCA indicated that future changes in regulations or Government initiatives might result in revisiting these rules to adapt to a shifting landscape.
Exporting pension dashboard data
One area for future review includes the potential export of dashboard data, as highlighted in the Advice Guidance Boundary Review (AGBR). The FCA confirmed it is open to starting a conversation to explore how dashboards could support mass-market advice while maintaining consumer protections.
While finalising the framework should give pension companies some much-needed regulatory clarity, the FCA has not yet opened the gateway for firms to apply for PDS authorisation. This step will only occur once the Government and the PDP provides the necessary resources for firms to prepare for PDS operations. However, the FCA has committed to giving firms adequate notice, along with finalised application materials, before opening the gateway.
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