The pensions industry is to expect the introduction of multiple pension dashboards rather than a single platform, it has been revealed.

At today’s PLSA Dashboards and Disclosure seminar, it was revealed by PLSA deputy director DC Nigel Peaple and ABI head of retirement Rob Yuille that there will be more than one pension dashboard when it is launched in 2019.

While a number of speakers highlighted the project’s key objective being to enable pension savers to “gain a holistic view of all their pension pots” so that they “don’t lose touch with their pensions and to empower them to make decisions”, it is possible that this information may be accessible in more than one place.

Peaple noted that in a 2015 survey, it was found that most people questioned said that they would like a single destination model, essentially having all their pension information on one platform.

In a debate that followed PLSA director of external affairs Graham Vidler showed agreement with this view, stating it is "right and proper to see all pots in one place”.

Nonetheless, Yuille suggested that “more people will use them if they are in more than one place” and that “one official dashboard or many authorised dashboards doesn’t make much difference as companies will still access data.”

As the idea of multiple dashboards coming into the market was new to many, debate brought light to common concerns involving the possibility of different dashboards creating greater confusion for members and a potential short-term commercial aim that comes with multiple dashboards. In addition, it was highlighted that over 50 per cent of PLSA scheme members said that they would prefer a single dashboard.

Also responding, Cheviot Trust CEO Ellie McKinnon said: “With multiple dashboards, problems may simply multiply.”

However, Yuille explained that a “single dashboard is not supported by the wider industry”.

While Yuille noted that the “2019 timescale is realistic”, Peaple highlighted key concerns for the dashboard(s) including: member protection, having the right purpose and design and data security. In addition, he noted that in regards to the timetable, there is a need to be “realistic and pragmatic about implementation”.

From the outset, it is likely that consumers will be able to access information on their state pension and defined contribution savings, which will then be followed by the phasing in of defined benefit pensions, Peaple explained.

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