Pension providers should continue to implement their pensions dashboards plans, including how they will connect to the central digital architecture, ahead of the new schedule for the pensions dashboards to be announced by the DWP, says Origo.
On 2nd March 2023 Pension Minister Laura Trott announced a reset of the schedule*, saying more time was needed to facilitate the successful connection of the wide range of different IT systems in the industry, to the dashboards’ digital architecture.
The fintech, which was tasked by the Pensions Dashboards Programme/MaPS with building the central digital architecture for the UK pensions dashboards, is urging pension providers to follow advice** to continue their dashboard readiness preparations.
Anthony Rafferty, CEO, Origo, says: “While the timeline for implementation of pensions dashboards is being delayed slightly, this is a crucial project for individual pension savers and financial wellbeing within the UK. It is estimated there is some £26.6billion of pensions money currently lost to savers. We want to help consumers reconnect with their pensions as it will make a significant difference to their retirement finances.
“Pension providers have much to do and now have a chance to get ahead of schedule and ensure their data preparation and dashboard connection solution is in place and working so as not to risk missing the deadline.
“While providers cannot yet connect to the PDP/MaPS dashboards digital architecture, there is much they can do to be ‘dashboard ready’ ahead of time through an Integrated Service Provider (ISP) such as the Origo Dashboard Connector, which is aligned with the central digital architecture.
“With the industry predicted to receive millions of requests for pensions data when dashboards are fully live, providers need to have in place a robust, comprehensive and scalable service which can securely and compliantly handle their pension dashboard processing requirements ahead of their deadline to connect to the central digital architecture.”
* https://questions-statements.parliament.uk/written-statements/detail/2023-03-02/hcws594/
