Industry experts have urged the government to “keep up the momentum” after it gave an update on the Pensions Dashboard Programme today (22 October).
Pensions minister Emma Reynolds announced that the MoneyHelper Pension Dashboard service will be made available before commercial dashboards.
Reynolds added that it is too early to confirm a launch date to the public.
The Department for Work and Pensions (DWP) previously said the launch date will only be announced once it is assured most pension schemes have connected and the dashboards are working well.
The Pension Dashboards Programme (PDP) has been given the task of developing the Pension Dashboards ecosystem and organising for most schemes to connect to it.
Pension schemes must connect to the dashboard ecosystem by October 2026 at the latest, but have been urged to connect earlier, starting from April 2025.
The Financial Conduct Authority is expected to publish the final rules of the governance framework for commercial dashboards before the end of the year.
Rachel Vahey, head of public policy at AJ Bell, said: “Pension Dashboards will have the power to dramatically improve pension engagement. They will give people an overall picture of their pension savings, letting them know how much they have saved so far, where it is and, importantly, how to add to it and how to get hold of it.
“It’s therefore reassuring the government is maintaining its commitment to such an important project, especially when the public finance purse strings are so constrained.
“We need to keep up the momentum to develop dashboards and drive this initiative to delivery.”
Vahey said that Pension Dashboards “need to cover most pension schemes, work efficiently and be easy to use”.
“Obviously, the Pension Dashboards Programme (PDP) should concentrate on getting all these elements right. But there is simply no point building dashboards if no-one is going to use them,” she added.
“Restricting the dashboards to a single one – the government’s own version – means not as many people will be aware of the dashboard or use it, potentially missing out on the opportunity to trace lost pension schemes, but also to put their pension savings back on track.
“A ‘soft’ launch could make sense, while dashboards are tested to ensure they are working as expected.
“But for dashboards to be a success it’s essential that commercial dashboards are launched as soon as possible, allowing them to play their role in making sure pension savers are aware of them and use them.”
Scottish Widows head of policy, Pete Glancy, said: “We welcome the government’s commitment to multiple qualifying dashboards, which will support innovation in best meeting these needs of pension savers.
“The public will benefit from being able to see all of their combined pension income, which they are on track to have in retirement, in one place.
“We know that they are much more likely to engage with their pension pots if they can access that information through channels they already visit often.
“We are excited about the difference that dashboards could make but recognise its important to get something as important as this right.
“Let’s maintain the momentum.”
Yvonne Braun, director of policy, long term savings, health and protection at the Association of British Insurers, said: “Pensions Dashboards will be a huge catalyst for positive change in how people engage with their pensions, including helping them find lost pension money.
“We are reassured to see the government’s continued commitment to the programme, and to launching both a state-owned MoneyHelper Dashboard and enabling commercial dashboards.
“Commercial dashboards are vital because they will allow the maximum number of people to find their pension information in the on-line services they use day to day.
“It is therefore crucial both the MoneyHelper dashboard and commercial dashboards are launched as soon as possible, and very closely together, so that this pioneering project can deliver on its enormous potential.”
