Following the Pensions Dashboard consultation, Pete Glancy, Head of Policy at Scottish Widows, has commented:
“Pensions Dashboards have the potential in the long term to become a national treasure, but there is lots of hard work to do to get the ecosystem up and running and functioning well.
“The staging dates for the first two tranches of schemes and providers, in terms of providing data to the ‘Finder Service’, have been put back a couple of months to August and September 2023, to ensure everything is working robustly.
“These staging dates will still be several months in advance of any Dashboards seeking data from the ‘Finder Service’, where we expect to see the first dashboards being available from early in 2024.
“Areas such as interconnectivity, data security, user authentication, and usability will all be important in determining the long term success of this initiative, but it has the potential to transform pension planning in the UK.
“For the first time, pension savers will be able to see just how much monthly income they can expect from both the State Pension and all of their various private pensions, all in one place.”