As the pension landscape evolves, pension dashboard service (PDS) firms are at a critical juncture, says Wealth Wizards.
The fintech is encouraging PDS firms to fully capitalise on the extended deadline and embrace innovative tools that enhance consumer engagement.
The mandatory date for pensions providers to connect to the pension dashboard has been pushed back to 31 October 2026. However, the DWP’s recent statement* suggests it will be expecting a certain portion of the industry to connect to the dashboard even before the deadline. This approach allows the ‘Dashboards Available Point’ (when the public gains access to the dashboards) to be realised sooner than 2026.
Nick Hall, business development director at Wealth Wizards, says firms need to anticipate the growing demand from consumers while maintaining compliance with the FCA’s standards.
According to Hall, the DWP emphasises the need for pension providers to remain steadfastly focused on the dashboard. “Firms aspiring to offer pension dashboard services should seize this extended time frame to refine and enhance their propositions,” he says.
“Exciting horizons await authorised PDS firms as the FCA proposes an expansion beyond the traditional ‘find and view’ function of a pensions dashboard,” explains Hall. “The aim is to foster an environment where consumers can ‘confidently and actively engage with their pensions’, enabling consumers to ‘continue their pensions engagement journey in an informative and secure environment’.
“By harnessing the power of automation, PDS providers can offer personalised digital guidance and advice services. This will allow consumers to gain a deeper understanding of their current retirement provision and take proactive steps towards a more secure future. Whether it involves increasing contributions or consolidating pensions, personalised assistance can enhance retirement outcomes and increase consumer confidence.
“By offering consumers access to services that help them navigate their next steps, both individuals and the pensions industry stand to benefit,” notes Hall. “It presents an opportune moment to reinvigorate consumer engagement in savings and unlock significant business potential.”
However, he emphasises that is essential to establish a resilient and scalable digital service to accommodate the anticipated surge in pension data access and heightened consumer interest in actively engaging with and exploring pension options.
“These services should be equipped to handle a substantial volume of consumer requests while adhering to the FCA’s rigorous conduct standards,”he says. “PDS firms can leverage the extended deadline to refine their offerings, incorporating tools that empower consumers and fostering a more informed and engaged pension landscape.
Hall concludes: “The future of pensions is evolving, and with the right approach, PDS firms can play a pivotal role in shaping this landscape. By seizing the opportunities presented by the extended deadline, they can lead the way towards a more accessible and consumer-centric pension ecosystem, ultimately benefiting individuals and the industry as a whole.”
