We recently saw the release of PASA guidance on how to start preparing for pensions dashboards. Chris Connelly, Propositions and Solutions Director, looks at why this is an essential step for the pensions dashboards project.
Only put off until tomorrow what you are willing to die having left undone.— Pablo Picasso
OK Pablo. A bit dark. Although I can't imagine he would belive his words would be used in relation to pensions dashboards, but here we are.
Go and do the things you can’t. That is how you get to do them.— Pablo Picasso
Better Pablo. A bit more optimistic.
We don’t know everything yet, but we know enough to begin, and we all know the best way to finish on time is to make an early start. My worry is too many people see the flashing neon sign of “Dashboards ahead: 2023” and go and focus on something else more pressing.
Now is time to get moving
The problem is unless you already know where you stand today, how do you know you have enough time to get to 2023? That is the basis of the recent guidance issued by PASA. It’s a very practical call to action to:
- Go and have a look at what you have today;
- Start these conversations early;
- Make a plan.
There is a lot going on at the minute, and it probably all comes down to data, so why not look at your data in a different light? If you’re doing a project now, be it some de-risking work, member engagements, benefit statement exercises, new ESG investment options or GMPs, think about the data and calculations you may need for dashboards too. In the sense of “while you’ve got the bonnet up”.
Put the data to good use
Dashboards will not ask you to do anything that your members cannot already ask you for, so anything you do now will have broader, practical use. The difference dashboards bring is having that information readily available in your system, 24/7, on-demand. Not at the end of a process and a ten day SLA.
Go and have a look, and if you don’t like what you see, start discussing it with your admin and software teams. Even if you do like what you see – go and speak to them anyway. There’s a lot to be getting on with.
Others have seen what is and asked, “Why?”
I have seen what could be and asked, “Why not?”— Pablo Picasso
Now you’re getting it Pablo.