The participating providers are:
Aquila Heywood
Aviva
Capita
ITM
Legal and General
Mercer
Phoenix Group
The seven volunteers represent a potential combined provider coverage of over 30 million pensions, which will eventually be accessible to consumers via dashboards. Their early participation in testing will help create a strong foundation for later stages of the programme.
PDP is working closely with industry to prepare for dashboards
The Pension Schemes Act 2021 sets a framework for requiring pension schemes and providers to connect to dashboards, so that individuals can view their pensions in one place. Pension providers must prepare for this change, with compulsory onboarding to the dashboards ecosystem likely to commence during 2023.
Prior to that, PDP will work with volunteers to test the technology and processes that support pensions dashboards. During the Alpha stage, with the seven organisations announced today, PDP will develop dashboards technology; ensure that its processes make onboarding as easy as possible; and share the learning that it derives from this work across the pensions industry, to help all providers to prepare for connection to dashboards.
Ongoing recruitment for subsequent testing phases
From Summer 2022, PDP will steadily expand the number of volunteer data providers it works with. Dashboards will bring significant benefit to consumers, and early engagement from data providers will help to ensure that their pensions customers are among the first to benefit from dashboards. The programme is urging data providers to start preparing now, and to consider volunteering for early onboarding to help test dashboards, and to bring early benefits to your customers.
PDP is therefore inviting interested organisations to contact PDP at: infopdp@maps.org.uk
Data providers (pension providers and schemes) can find a range of information relating to how best to prepare to connect to pensions dashboards at the data providers hub, which PDP published in May 2021.
Paul Noone, Head of Onboarding at The Pensions Dashboards Programme said: “The willingness of such well-respected organisations to engage early with the dashboards ecosystem is hugely positive. It allows the programme to develop its systems and processes in tandem with some of the biggest pension providers in the market. The embracing of dashboards by these major providers sends a positive message to the wider industry about the advantages of early connection.
“We’ve already got some significant interest from providers, to work with us during subsequent testing phases of the programme but we’re still keen to hear from other organisations that would like to get involved. There’s no need to wait for the compulsory onboarding stages. Where data providers are ready to onboard early, we will support them to do so – indeed we encourage it. I’d urge them to get in touch as soon as possible.”
Chris Curry, Principal of the Pensions Dashboards Programme commented: “We are delighted with the level of engagement we’ve encountered within the pensions industry. We are heavily reliant on our colleagues within the major pension providers for their collaboration at this stage and it’s really encouraging to meet with such a positive response.”
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