Pensions Dashboards pushed again to 2026

The Division for Work and Pensions has proposed pushing again the deadline for obligatory adoption of the Pensions Dashboards Programme to October 2026.

The delay of two and a half years was introduced by Pensions Minister Laura Trott this morning in a Parliamentary assertion.

The announcement from the DWP has been met with frustration by many within the pensions trade.

Earlier this yr Ms Trott tore up the earlier schedule for the Dashboards – that are attributable to give pension savers ‘multi functional’ on-line entry to their pensions – within the face of mounting delays.

The additional delay has introduced widespread concern that the venture is slipping again.

Samantha Seaton, CEO of knowledge platform Moneyhub, mentioned: “Whereas appreciative of the complexities of the Pensions Dashboards Programme, the very fact stays that individuals want to have the ability to retire and to dwell an applicable way of life {that a} G7 nation could be happy with. As we’ve mentioned earlier than, we should always not let the proper be the enemy of the great, and having a place to begin that may be constantly refined and optimised is preferable.

“The biggest grasp trusts and private pension suppliers are prepared to connect with the ecosystem they usually need to get on and give attention to the following advantages and we’re already working with lots of them in relation to creating their very own finish to finish pensions dashboard providing.

“Whereas Pensions Dashboards will likely be a key ingredient for delivering Monetary Wellness within the UK, working collectively as an trade we’re already ready to carry these ground-breaking options to shoppers.”

Howards Finnegan, product gross sales director at Dashboards Programme know-how associate Equisoft, mentioned: “We imagine that with out compulsion and with no incentive for early adoption most schemes won’t comply with the rule of thumb dates. Why would corporations incur prices a yr or extra forward of when required by the regulator?

“This perspective was confirmed by a webinar we ran final week when over three-quarters of these we polled on the occasion mentioned they’d hook up with the PDP eco-system six months or much less earlier than the regulatory deadline date.

“With the obligatory PDP connection deadline prolonged we anticipate most schemes will put their tasks on maintain, cope with extra urgent challenges and restart them inside 12 months of the regulatory deadline. This was confirmed by our current polling when 100% of these surveyed mentioned they produce other extra important programmes already conflicting with their PDP venture.

“Not solely will this imply that each one the experience and expertise constructed up over the previous yr or extra will dissipate as schemes and directors now have greater precedence change tasks, together with regulatory initiatives corresponding to Shopper Obligation however stopping or mothballing a change programme after which restarting it a yr or extra later will add appreciable prices to the general venture.”

Regardless of frustration across the timing, different components of the Pensions Dashboard Replace from the Pensions Minister have been welcomed.

Nigel Peaple, director of coverage and advocacy on the Pensions and Lifetime Associations, mentioned: “At this time’s assertion by the Minister for Pensions that the Authorities stays dedicated to the supply of pensions dashboards and that the ultimate staging date will return by one yr supplies some useful readability and adaptability for the pensions trade.

“We’d, nonetheless, spotlight that many within the pensions trade, together with the PLSA, would have most well-liked the brand new staging timeline to be set out in regulation, as was beforehand the case, relatively than solely in steering, as is now deliberate. To make this new method work, will probably be needed for the dashboards programme to work in a really open, clear and collaborative approach such that each one components of the federal government concerned within the venture, and all these concerned from throughout the trade, can work collectively as one.”

Jonathan Hawkins, principal marketing consultant at Bravura, was additionally extra constructive in regards to the announcement, saying it offered extra certainty for suppliers.

He mentioned: “At this time’s announcement performs a vital position in tidying up the rules and laws across the Pension Dashboards Programme (PDP), offering a much-needed factor of certainty on the method on the identical time.

“There’s, after all, a fear that laws differs in gravity from steering, however it’s going to finally be as much as the trade to guide by instance and the regulators to make sure applicable carrots and sticks are in place to make sure the up to date timelines are adhered to.

“Now that we’ve a backstop date in place (October 2026), the PDP should prioritise reinstating connections to the Central Digital Structure (CDA), which can permit pension suppliers and companies to push forward with their onboarding journeys.”

Claire Trott, divisional director for retirement and holistic planning at wealth supervisor St James’s Place, mentioned: “Though it’s disappointing that the dashboard is being but once more delayed it’s extra essential that it’s appropriate, not deceptive and an actual profit to shoppers. It could be worse to launch one thing that doesn’t present any profit, or solely half of what’s meant, this might imply that it fails to get engagement by those that most want this useful resource.”

• Editor’s Observe: the remark from Samantha Seaton of Moneyhub has been up to date from the primary model of this story at her request.