Ministerial statement replaces statutory deadlines with guidance for the staged rollout plan of data coverage on pensions dashboards
Market leading financial services providers already helping consumers with comprehensive commercial pension dashboards
Moneyhub, the award-winning Open Data platform and alpha partner to the Pensions Dashboards Programme (PDP), responds to today’s Government announcement. It has announced that statutory connection staging dates will be replaced with guidance to facilitate flexible roll out as organisations are ready and able to do so.
As a result of the programme reset, originally announced on 2 March 2023, Government said today it will remove from law the staged deadlines by which providers and schemes are required to connect to the Money and Pensions Service (MaPS)/PDP Central Digital Architecture (CDA), replacing them instead with a single final connection deadline date and guidance on the expected staged milestones. The pensions minister has reserved the right to take the staged milestones back into statutory law if these are not met.
Leading pension providers, Which?, MoneySavingExpert, The Investing and Saving Alliance (TISA), Pensions and Lifetime Savings Association (PLSA) and many other industry bodies know consumers need and value the comprehensive pensions data coverage promised by the Government. Consumers can’t wait indefinitely.
Equipped with this knowledge, Employee Benefit Consultants (EBCs) such as Mercer and Aon, have already launched pensions dashboards that incorporate Moneyhub’s Open Finance and Open Data solutions, enabling people to see ‘today's money’ alongside their ‘future money’ with high levels of member engagement as a result.
Progressive pension providers such as SEI and Standard Life have also launched Open Finance powered pension dashboards, providing members with a complete short, medium and long-term picture of their finances and financial products they use through Moneyhub’s technology.
Members are also offered an online Pension Finder service to help locate lost or dormant pension savings from previous employers by using members’ LinkedIn profiles and searching the government’s pension tracing service in the absence of government-enabled Pensions Dashboards.
Dan Scholey, Moneyhub Chief Commercial Officer said: “The amendment in this announcement is similar to the Elizabeth line opening, but stopping at Paddington rather than going all the way to Reading - still a massive positive impact for the vast majority of people.
Firms who truly seek to understand and support their members recognise the power of Open Finance and are leading the way in engagement. Standard Life is the most recent progressive provider to launch an Open Finance powered dashboard with their unique capabilities built in and made available to 1.5 million workplace customers. They join the likes of multi–award winning Mercer Money, Aon WellOne Money and the SEI Master Trust. These address many of the advantages provided by Commercial Pensions Dashboards although, of course, being Open Finance-enabled, provide higher levels of engagement.
“When, eventually, comprehensive pensions data becomes available through the Government’s Pensions Dashboards Programme (PDP), these providers will be extremely well-placed to consume the new data. But in the meantime they are not waiting, instead they recognise the direction of travel the FCA is intent on driving through regarding a focus on better outcomes for the consumer. New Consumer Duty legislation which comes into force in July this year will see the transfer of capital to more appropriate savings vehicles of which Pensions will be a beneficiary.
“Moneyhub’s recent webinar with the Consumers’ Association, Which?, demonstrated just how much consumers need help with their pensions and wider finances. So market leading providers are right not to make themselves dependent on Government’s central technology delivery to start helping their customers now.”
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Moneyhub Contacts
Ingrid Anusic
Marketing Director, Moneyhub
ingrid.anusic@moneyhub.com
M: +44 783 722 6553
Eleanor Ross
Account Director, Teamspirit (Moneyhub PR Agency)
eross@teamspirit.co.uk
M: +44 7393 758 446
About Moneyhub
Moneyhub is a global ISO 27001 certified software developer of Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.
For more details, please visit www.moneyhub.com