Pensions Dashboards update #1

Pensions Dashboards will give people access to their pension information online, securely and all in one place. But what are the benefits and what should those in the pensions industry be doing now to prepare for the most technologically significant change since auto-enrolment?

Most discussion around the Pensions Dashboards Programme (PDP) focuses on the ‘what, when and how’ - but we think the key question is the ‘why’. There are huge challenges here, with 40m+ members connecting to 40,000+ schemes and providers. So why is it worth doing? 

The short answer is Pension Dashboards are for the benefit of pension scheme members. They are a key strand in the wider Financial Wellbeing strategy and bring clear and tangible benefits.

In our briefing note, we provide answers to many of the common questions, such as:

• What will Pensions Dashboards deliver?
• How will Pensions Dashboards be provided?
• Who needs to connect, and when?

We also outline what Barnett Waddingham is doing now in its multiple roles of industry stakeholder, data provider, pension administrator and technology partner.

And we outline what schemes should be doing now to prepare ahead of our future updates which will look in more detail at issues surrounding consumer protection, cyber security, and data readiness.