Pensions - Articles - Dashboards early warning system needed before go live date


Kate Smith, Head of Pensions at Aegon, comments on the DWP’s further consultation on pension dashboards which focuses on the dashboard availability point. This dashboard availability point is when the first pension dashboards go live and members are able to access dashboards.

 “Pension dashboards have the potential to be gamechangers in not only connecting people with their pensions, but also improving pension engagement. The dashboard availability point is a critical milestone in the pensions dashboards journey. This is the day the public will finally be able to access dashboards and view all their pensions online in one place.

 “We all want the public to be excited about dashboards, and dashboard availability day could see the pension industry facing unprecedented demand from the public, meaning customer services teams need to be fully ready to avoid being overwhelmed. The proposal of a mere 90 days’ notice of the dashboard availability point wouldn’t give the pension industry time to gear up and recruit and train enough frontline staff to be able respond to members’ enquiries. A six-month notice period is needed to make sure that all the resources are in place.

 “As well as a six-month lead in time, we’d welcome an early warning system of progress towards dashboard availability point. The Pensions Regulator is expected to monitor the state of dashboard readiness and progress towards achieving critical mass of scheme and member information. Sharing this information with the pension industry, for example, using a fuel gauge approach, would give the industry advance notice to help with planning. This could make all the difference to the consumers’ initial dashboard experience.

 “We are not in favour of multiple dashboard availability points, for example by age cohorts. This would weaken the messages underlying Government and industry campaigns ahead of the pension dashboard launch and could be confusing for savers. We believe a big bang approach, with a six month notice period along with full transparency around the proximity of the ‘go live’ date would be preferable for both savers and the pension industry.”

Back to Index


Similar News to this Story

Further comments on DWP Small Pots Consolidation report
Broadstone, Hymans Robertson, Scottish Widows and Now Pensions comment on the DWP announcement on consolidating small pension pots
Pensions over taxation bill continues to climb
Brits reclaimed £44 million in overtaxation on pension withdrawals in January, February and March 2025, the latest HMRC figures reveal. Over 15,000 re
Responses to DWPs Small Pots Delivery Group report
Standard Life, LCP and Aegon comment on the DWPs Small Pots Delivery Group report with proposed legislative programme outlined in meaning that pots wo

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.