The pensions dashboard is to undergo an interim phase of the project to maintain momentum during the general election period, the Association of British Insurers has announced.
While the general election means that there is to be a pause in the government's activity with developing the dashboard, the steering group, associations and data contributors are to continue on with an interim phase.
The interim phase has four aims being: to establish a cost benefit analysis of the wider industry, to research customer needs and understand what features are likely to be most useful on a dashboard, to establish requirements and costs for a fully secure service between data providers and consumers and to continue to develop the technical data standards of all firms. To do this, the group looks to work with the Pensions Administration Standards Association to agree upon a code of conduct in keeping with The Pensions Regulator's requirements.
ABI director of long-term savings Yvonne Braun said: "Now the project contributors are keen to move on to the next important phases of the project.
“The interim work being undertaken by the contributors and the ABI will allow the pensions dashboard to maintain momentum despite the pause in policy development as a result of the General Election. The work which will be done focuses on filling in crucial gaps which will ensure the project can proceed without delay once a new government is in place. We look forward to engaging with all the organisations which have an interest in this area.”
PLSA deputy director defined contribution Nigel Peaple added:“The decision by the pensions dashboard industry group to maintain momentum over the general election period makes good sense. It is important to identify the needs of savers and costs to the pensions sector before taking the project further forward. If government, regulators, industry and consumer representatives work together in the right way, the dashboard should be an effective tool to promote member engagement and better retirement income planning.”
Bravura Solutions retirement specialist Natanje Holt, commented: "This is welcome news. The prototype for this vital project has been very well received, but the calling of the snap election so soon after the completion of the first phase has raised question marks about the ability of the powers that be to see it through to completion. The fact that the ABI has taken an even more active ownership role at this stage highlights the pension industry's commitment to creating an accessible, easy to use tool to help making pension saving more tangible for consumers."