The pension dashboard ecosystem
As a reminder, the Money and Pensions Service is responsible for creating the new dashboard ecosystem. Once introduced, dashboards will provide users with clear and simple information enabling them to keep track of all their pension savings, including their State Pension. They will also help individuals looking to reconnect with any forgotten or lost pension pots.
In March, the DWP announced the timetable in which it expects pension schemes to connect to the dashboard ecosystem. Staging will take place from 30 April 2025 to 30 September 2026, and the largest schemes will be first to allow for crucial user testing to take place.
What will the new data standards do?
The standards, which cover the data requirements for finding and viewing pensions information, are mandatory for pension providers and schemes to connect to the ecosystem. They are expected to help pension providers and schemes, as well as any third-party organisations connecting on their behalf, to build a common set of message-handling tools to receive and reply with data.
“Forward momentum” on data standards
The data standards are one of several mandatory standards set by the Money and Pensions Service, through PDP, to help facilitate ongoing connection to the dashboard ecosystem. The other standards currently being refined are technical, reporting and design standards, as well as a code of connection, made up of security, service and operational standards. These will be published once they have been tested and validated with volunteer participants who are building a direct route to connection. All standards are subject to final approval from the new Secretary of State for Work and Pensions, Liz Kendall.
Commenting on the publication of the new data standards, Chris Curry, the Principal of PDP described it as “the latest sign of forward momentum” on delivering pensions dashboards. He added, “It was important that we delivered data standards to coincide with the connection timeline in guidance published by DWP. Our iterative approach not only allowed us to refine these standards with our volunteer participants and others, but also ensured that we met our commitment, publishing 12 months ahead of wider industry starting to connect… We’re looking forward to working together on refining the remaining standards as we prepare for connection in 2025.”
Innovative pension platform support from EQ
For over 187 years, EQ has been working with pension schemes, members, managers and trustees to deliver innovative retirement solutions. With technology at its core, our pension platforms support clients with all their pension administration needs. If you want to work with a trusted pensions partner on sensitive and highly complex pension data projects that specialises in managing challenges at scale, get in touch.