Kate Smith, Head of Pensions at Aegon:“We welcome the Pensions Minister’s announcement that a final connection date will be 31 October 2026 and set out in legislation. This gives more time to ensure that the pension dashboard ecosystem works and is fully tested, giving schemes and members confidence. And gives more certainty that pension dashboards will happen.
“Previously connecting dates for pension providers and schemes were set out in legislation by scheme size and type. These will be removed. We look forward to seeing more details on how the staging dates set out in the guidance will work and be managed by the pension dashboard programme to ensure that scheme connection points are evenly spread to avoid the risk of being left until the last minute of 31 October 2026, which could easily lead to a capacity crunch and overwhelm the pension dashboard ecosystem.”
Sam Buckle, Executive Sponsor of Phoenix Group’s pensions dashboard project said: “We welcome the additional flexibility that today’s announcement introduces for all those supporting the introduction of the Pensions Dashboard. We believe focusing on having the majority of pensions on board is the priority, rather than the entire market. As an organisation we will continue to plan our dashboard programme in line with the guidance as soon as it is issued. This is an important initiative that will help pension savers. We are making good progress and are on track to meet our obligations.”
Becky O’Connor, Director of Public Affairs of PensionBee, commented: “This project has been beset by difficulties and delays from the get-go. Meanwhile, people are losing track of their valuable pension pots and struggling to manage their retirement plans. The Pensions Dashboards project is starting to feel like the train you wait for that’s arrival time keeps being pushed back, before it is eventually cancelled. It’s vital for the UK’s millions of pension savers that this doesn’t happen.”
Jon Pocock, Pension Dashboard Delivery Manager at independent consultancy Broadstone, said: “We welcome today’s statement by the Pensions Minister in that it provides clarity on the approach that DWP intends to take with connecting schemes to the pensions dashboard ecosystem.
“It does however leave very much unclear in terms of the timelines and how schemes are to view their own activity. The statement suggests that guidance-based staging dates will be determined by the end of the year, in consultation with the pensions industry. This does, however, leave a hiatus for many parties with knowing how to proceed.
“Until there is clarity on how rigid the guidance dates are and the flexibility schemes have to meet them or not then we anticipate, rightly or wrongly, that many schemes will simply defer acting.
“Our approach will be to encourage our clients to continue preparations, at an appropriate pace, and we will support them in this. We look forward to understanding how the timelines will develop and how the regulatory framework will be applied.”
Karl Lidgley, Client Manager, Third Party Administration, Hymans Robertson, said: “We welcome the prospect of clarity around the implementation of the dashboard programme. Pension dashboards will help re-unite members with lost pots and enable smoother retirement planning for millions of members. These benefits can only be realised when there is comprehensive and reliable coverage of member data in dashboards.
“It’s imperative that third party administrators with multiple schemes to onboard can schedule the work effectively to connect schemes, which the original staging dates compelled schemes and their administrators to do. If the updated approach has no enforcement until the end point, which is not yet clear, it risks schemes choosing to defer work. This would cause a concertina effect as the deadline approaches and a single point of failure, which is in nobody’s interests.
“Until all this is resolved, dashboards will not deliver the improvement in member outcomes that are urgently needed for todays’ retirees, despite all the efforts been made across the industry.”
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