“It is disappointing that PDP’s implementation has been once again delayed, in this case indefinitely, and now coupled with a general election likely to fall before any program is implemented, raises concerns over the future of the programme.
As a society, one of the biggest challenges we face is that most people have no idea how much they will need to save for a comfortable post-working life and are taking control of their savings far too late making it harder to save what they would need for their ideal retirement.
The dashboard programme has been viewed as an important building block by the industry to help drive and address the looming pensions crisis. Other measures need to be explored concurrently including supporting private pension providers like Moneybox to integrate pension dashboard solutions into their far more advanced technology platforms. We could hope that the FCA continues to drive the regulatory framework for pensions dashboard service forward so that it doesn’t lose momentum.
To make the dashboard happen via private pension providers, further legislation would be required to ensure timely data sharing from legacy providers. Robust technology and customer support is also crucial so the dashboard can help consumers effectively. However, in the absence of the required urgency from the DWP, we all need to work together to bring retirement planning higher up on the financial agenda for the rest of 2023.”