“This will elevate pensions dashboards from being merely a static source of information to an interactive service that helps people engage with their pension saving and plan for the future,” AJ Bell head of policy development Rachel Vahey said.
Providers will have the option, however, of not offering the option to export data, while other types of data export are banned, partly to deter scammers. Customers’ data, meanwhile, will only be allowed to be stored for 30 days, with the clock restarting each time a customer logs in within that period.
“Alongside the design standards that the Pensions Dashboards Programme is developing, the framework should provide clarity on what dashboards are permitted to do with the data provided and ensure consistency between different dashboard providers,” Broadstone pensions dashboard delivery manager Jon Pocock said.
“This is critical to give schemes confidence on how individuals will see information and how it is being utilised.”
Pensions and Lifetime Savings Association director of policy and advocacy Nigel Peaple predicted that at least 12 to 18 months' of user testing would be needed from the summer of next year before dashboards can be offered to the public.
“It is essential that dashboards are safe for savers so, now, more than ever, everyone should focus on doing dashboards well rather than quickly,” he said.
“Even after the new rules and standards are settled in the summer of 2023, extensive user testing will be required to ensure they work in practice.”
Providers can devise their own language
The PDP published a call for input on standards in July, which closed in August. Respondents emphasised the need for extensive user testing before they could offer a full assessment of the standards.
Parliament has since approved the regulations for pensions dashboards, allowing the PDP to set out its standards. These will be issued in their final form to coincide with the publication of the FCA’s regulatory framework next year.
The PDP’s latest consultation invites responses as to whether it has struck the right balance between consumer protection and allowing dashboards to tailor their approaches to their audiences.
It also sought feedback on its decision to allow providers to author their own terminology instead of imposing uniform requirements, as well as whether it is requiring the right amount of information to be displayed in the dashboard’s pensions summary.
Quietroom director Simon Grover said: "How dashboards are presented and communicated will have a huge impact on how users will respond, and we need to ensure that savers are not inadvertently nudged to do the wrong thing.
“User testing and continual refinement will be crucial in delivering a positive saver experience, and we need an agile approach to ensure dashboards evolve in light of experience and feedback."
