The government should "urgently reaffirm" its commitment to enabling a thriving market of private sector pensions dashboards, the Association of British Insurers has said, warning that relying on a single, state-owned dashboard could fall short of industry expectations.

The ABI said that while the government-backed MoneyHelper dashboard is a welcome step, users now expect app-based, integrated digital experiences.

Given this, the ABI's report, Unlocking Pensions Potential: The Benefits of Private Sector Dashboards, argued that unless pensions dashboard data is available through services that people already use, its visibility and convenience will be limited.

The report also highlighted the risks of inaction, as the ABI warned that offering pension information without the power to act may cause people to resort to less secure methods or be pushed towards unregulated sources of guidance.

However, it suggested that private dashboards could equip users with the information and tools to take action regarding their pension, through simple administrative changes such as updating personal details, as well as making changes to contributions, accessing their pension, or consolidating pots.

Further rule changes could also enable private sector dashboards to go "much further" to help consumers, by offering regulated financial advice and, in the future, targeted support, the ABI said.

But further commitment to a successful private sector pensions dashboard market is needed to deliver this, as the ABI argued that the government needs to instill industry confidence with an indicative timeline to allow companies to plan to build these platforms.

"Given that private sector dashboards are projected to take around three years to develop, establishing timelines is crucial," it warned. "Without this, firms are unlikely to be able to launch their own dashboards within this parliament.

"An indicative timeline will enable providers to plan effectively, ensuring a clear path forward, including securing the required development funds to introduce dashboards and post-view services into their digital estates."

And whilst the current focus is on the MoneyHelper dashboard, the ABI argued that the private sector dashboard builds can continue in parallel with the completion of the connection to the central architecture.

The ABI therefore urged the government to publicly reaffirm its commitment to enabling private sector dashboards, and to provide an indicative timeline for application windows and key milestones.

It also encouraged the government to work with regulators so that savers are able to take action with their pensions after using a private sector dashboard, in an environment that is safe and useful.

ABI policy adviser, Emily Mae Collins, said: “Private sector dashboards would be perfectly placed to complement the MoneyHelper dashboard.

"While MoneyHelper’s dashboard will fundamentally change how people view and engage with their pensions savings, private dashboards will provide the tools to act.

“Integrating dashboards into the apps and services consumers already use can dramatically increase reach, and support people to understand their pension in the context of their wider finances.

"Before long, the rules should also enable people to make changes and do so safely - whether that’s saving more, consolidating pots, or accessing advice and new forms of support.

"Together, public and private sector dashboards can ensure that everyone, no matter where they are in their pensions journey, has the resources they need to plan for a better retirement.”

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