PLSA reports dashboard issues as project announces potential partners – DC and auto-enrollment

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The PDP selected Aviva, Moneyhub and Bud to work alongside the Money and Pensions service non-commercial dashboard in the initial testing phase of the pension dashboard ecosystem.

The testing phase will last six months from December 2021 and will see selected vendors prepare to connect their dashboards to the central digital architecture.

The three potential vendors – an insurer, an open banking platform, and an open data fintech company – represent a range of different types of organizations the PDP expects to see in the future market for dashboard vendors. .

Raman Dhaliwal, Product Manager at PDP, said: “We look forward to working closely with Aviva, Bud and Moneyhub, as well as the Maps Dashboard team, as we enter our testing phase. alpha. We will work with them to develop and refine pension dashboard standards and systems, so that we can provide a dashboard service that benefits consumers. “

Roger Marsden, general manager of retail sales and retirement at Aviva, noted that dashboards will be a useful vehicle for people to manage their money more efficiently.

“Taking individual responsibility for retirement planning is more important than ever. Currently, less than one in 10 uses the Internet to manage their investments, such as pensions, although it is an ideal vehicle to provide access to a range of suitable tools to help them achieve their retirement goals. “, did he declare.

“Ultimately, this will allow millions of people to monitor and manage their pensions online in one place for the first time.”

As dashboard launch plans progress, PLSA has released an AZ guide that highlights 26 key issues it says need to be addressed to keep the program running smoothly.

While all 26 issues are important, there are seven key areas that require more immediate resolution, according to the professional body.

First, PLSA said that comprehensive testing with a wide variety of savers with a diverse financial background will be essential to help build an unbiased understanding of how savers will interact with scorecards and what they will do. with the information they receive.

Second, administration and technology providers will need to be able to connect to the central digital architecture in order to implement dashboard compliance measures.

It is also essential that all regimes comply with the measures of the General Data Protection Regulation, PLSA noted.

In addition, plans should include the liability associated with pensions not found and pension amounts returned.

Plans need certainty about the data on the amount of pension to be returned once a pension has been found in all types of plans. Systems should also be aware of delays in responding to requests from their ISPs and updating returned data.

The PLSA also identified clarity on the timeline for when programs must comply and their onboarding process as the key to successful operation.

Finally, plans should be aware of the principles adopted by the pension regulator and the Financial Conduct Authority for scorecard compliance regimes.

Nigel Peaple, Director of Policy and Advocacy at PLSA, said: “There are many significant challenges in delivering dashboards successfully and there is a lot to be solved in a short period of time.

“We know that the Department of Work and Pensions, Maps, the PDP and others are busy working on the issues we are highlighting here. The sooner the pension sector has clarity on the seven key issues highlighted here, the sooner progress can be made. “

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