A Government-backed pensions dashboard will be up and running ahead of similar commercial schemes, the minister for pensions has said.
Dashboards will allow people eventually to see all their pensions in one place, online.
Emma Reynolds said prioritising the launch of the MoneyHelper service ahead of commercial dashboards will give insights into how people use the platform.
In a written ministerial statement on Tuesday, Ms Reynolds said: “The Government supports the principle of enabling multiple commercial pensions dashboard services, which will provide savers with greater choice to access their pensions information from organisations they are familiar with, promoting greater engagement with pensions.
“However, in the interests of ensuring consumers have the best experience on dashboards, it is prudent to allow a period while only the MoneyHelper dashboard is operational.
“Prioritising the launch of the Government-backed dashboard in this way will provide an opportunity to obtain better insights into customer behaviour and ensure greater confidence in operational delivery, security and consumer protection before facilitating the connection of commercial dashboards.”
A 'soft' launch could make sense, while dashboards are tested to ensure they are working as expected
The Government said it remains committed to the published timeline for the connection of pension schemes and providers to the pensions dashboards system, expected to start in 2025, as well as the overall connection deadline of October 31 2026.
Rachel Vahey, head of public policy at AJ Bell, said: “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.”
Patrick Heath-Lay, chief executive of People’s Partnership, provider of the People’s Pension, said: “People’s potential vulnerability when it comes to pensions cannot be underestimated and it is vital that the public has confidence in both the dashboard and those that will offer such a service.
“Focusing on the independence of a MoneyHelper dashboard ahead of commercial dashboards is an extremely sensible approach.”
Commercial dashboards are vital because they will allow the maximum number of people to find their pension information in the online services they use day-to-day
Yvonne Braun, director of policy, long-term savings, health and protection at the Association of British Insurers (ABI), 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 online 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.”
Oliver Morley, chief executive of the Money and Pensions Service, which provides MoneyHelper, said: “Pensions dashboards will transform how people view their retirement savings, and will help pension providers and schemes’ engagement with better-informed customers and members.
“Dashboards are a truly collaborative effort between government, industry and regulators.
“We are working hard together to create a service that puts savers in control of their pensions.”
