The Pensions Dashboards Programme (PDP) has published its key data standards and told schemes and providers it is “essential” that they begin to prepare their data.
The standards set out clearly worded definitions of data that pension information holders will be required to provide for the PDP, both to allow for the finding of individuals’ pensions in order to populate the dashboard and to allow individuals to view their information.
Stressing the importance of the publication, PDP principal, Chris Curry, said: “With schemes and providers onboarding to dashboards from 2023, it’s essential that everyone starts to prepare their data now, using the information in the data standards usage guide.”
The report details which individual elements of data will be mandatory, conditional or optional, with a given name and surname being mandatory, types of alternate surnames being conditional and all alternate surnames being optional.
The data required to locate individuals’ pensions that data holders will need to match against includes information such as a person’s first name and surname, date of birth, address and national insurance number.
Meanwhile, the data required for savers to view on the dashboards includes their pension arrangements and the name of the pension provider, as well as income data that will provide an estimated retirement income derived from current pension pot value for defined contribution pensions and the date payable for each pension.
Pensions Minister, Guy Opperman, said: “Bringing information to savers at the touch of a screen will revolutionise how we engage with our pensions and plan for retirement. Getting data standards right is vital, to realise the full potential of pension dashboards. The publication of key data standards is therefore an important and welcome step.
“I’m encouraged by the progress to date and the continued collaboration driving it forward. I am ambitious for the future of dashboards, as a place where people can easily see what they can expect at retirement, and the value their current providers are giving them.”
“My message to pension providers remains, get dashboard data ready.”
Curry commented: “Data standards are central to ensuring that pensions dashboards display a clear and accurate picture of an individual’s pension savings. This makes it essential that pension providers ensure that their data is ready for connection to pensions dashboards when it is required, in the near future.
“We have published these standards after robust collaboration with the pensions industry, regulators and government to better understand the potential data challenges that different types of providers might encounter, which has all been factored into potential solutions.
“We are committed to dashboards fulfilling their true potential, but we also need to begin at a realistic starting point, which is the find and view data requirements we’re setting out now. We know some challenges lie ahead when it comes to refining the data standards, but as the programme progresses we will incorporate further industry feedback.”
The PDP was set up by the Money and Pensions Service (Maps) in order to deliver a digital ecosystem which pensions dashboards can be built around, with the programme having set a target of making the first dashboards available to savers in 2023.
— to www.pensionsage.com