Share page with AddThis


UK government announces delay to Pension Dashboard initiative

uk, government, pension, dashboard, initiativeThe UK's wealth management and pensions industry has expressed its disappointment at the announcement of a delay to the much anticipated Pensions Dashboard project.

The Pensions Dashboard concept was first aired in 2015 as a way to put savers’ pension information in one single online location.

It was originally scheduled to go live in 2019 but has been subject to repeated delays.

The latest setback was announced by pensions minister Laura Trott who cited technical and regulatory issues.

“More time is needed to deliver this complex build and for the pensions industry to help facilitate the successful connection of a wide range of different IT systems to the dashboard's digital architecture,” said Trott.

The decision was met with disappointment by a number of pension providers, wealth managers and investment platforms.

“The Pension Dashboard Programme is an incredibly ambitious project,” said Lily Megson, policy director at My Pension Expert. “And I applaud the government for not rushing to push out an inadequate project; it must be done right. That said, this delay is a disappointing turn of events.”

Nick Meredith, products director at software company Equisoft, said that it is not surprising that a project of such complexity would be subject to delays, but he also expressed frustration that there is currently no hard deadline for a restart.

Alice Guy, personal finance editor at wealth management platform interactive investor expressed similar sentiments: “This is a highly technical project, requiring new IT systems and digital architecture to allow pension providers to share pensions information safely and accurately.

"Although the delay is disappointing, it’s important that the practicalities of the pensions dashboards project are worked through to make sure the new system is a success.”

© 2023 fundsTech

Most read features

Roundtable: The digital transformation opportunity

The funds industry is looking at adopting new types of technology, from automation to ESG reporting, blockchain and tokenisation. A FundsTech roundtable in March explored how these will revolutionise the sector.

Tokenisation: The incredible potential of tokenisation

Tokenisation offers a new generation of investors access to a wide range of asset classes. But a lack of analysts is one reason why the market may not be ready for the possibilities, finds Nicholas Pratt.

Regulation: Panel calls for simplicity in ESG reporting

The industry accepts the need for more rigour in ESG fund reporting, but the work will be pointless if investors don’t understand the end result. Nicholas Pratt reports.

Cryptocurrencies: Crypto funds face long wait for regulatory approval

While crypto currencies forge onwards, access for investors who prefer to invest through regulated vehicles remains muted. A wait-and-see stance by regulators lies at the centre of this, finds Nicholas Pratt.

Managing the impact of ESG reporting

A rise in ESG reporting requirements is impacting asset managers in every conceivable way. The solution, discovers Nicholas Pratt, is to use all of this newly found data to form a closer relationship with the next generation of investors.

Sponsored Profiles

The importance of trust when building successful client-vendor teams

Petra Roche and Anna Kanior-FlorekFundTech speaks to Metrosoft’s Petra Roche and Anna Kanior-Florek about cross-organisational relationships and why mutual trust...

The digitally connected Global Transfer Agent

Anand Ramachandran, Vice President, Global Head of Solutions, Richard Clarkson, Head of Solutions, Funds and Swapnil Joshi, Senior Strategy Manager from Oracle Financial Services Global...

Data consolidation takes centre stage in asset management M&A

MergersConsolidation between asset management firms is overwhelmingly expected to increase. Operational challenges remain thanks to legacy systems. But in a recent...

Are you being microserved?

As asset managers grapple with new digital technology, FundsTech talks to Calastone’s Adam Belding about the importance of software architecture and the benefits...