The Money and Pensions Service (MaPS) are set to spend £289 million delivering pensions dashboards (Source: NAO – Investigation into the Pensions Dashboards Programme). However, the National Audit Office (NAO) investigation has found ‘a lack of skilled resources and ineffective programme governance’ in pensions dashboards project.
The project has been placed in ‘reset’ mode with the Department for Work and Pensions (DWP) set to bolster oversight of arm’s-length bodies and provide increased support. The DWP review revealed failure to meet government data protection and security standards.
Rachel Vahey, head of public policy at AJ Bell, comments: “The final bill for pensions dashboards is due to come in at an eye-watering amount, almost £300 million.
“There is no doubt the government has committed resource to this project, but that figure misses out the sacrifice pension schemes will also make – both financial and in development time – to connect to the ecosystem. This doesn’t come cheap for anyone.
“With such a high price tag, it is essential the pensions dashboards are a success. Dashboards have the potential to empower pension savers, but they’ve been badly let down by a project that has, so far, over-promised and under-delivered.
“They need to work – to show all the pension schemes someone has built up. But getting that information is only half the story. People also need help in knowing what to do next. Having a simple, streamlined, and engaging customer journey is paramount to whether the pensions dashboards are a success, or whether they fail by turning off consumers through frustration.”
