Pension Dashboard services providers have been urged to maximise the opportunities offered by the extended Pensions Dashboard deadline.
The mandatory date for pensions providers to connect to the Pension Dashboard has been pushed back to 31 October 2026.
However, a recent statement from the DWP suggested it will be expecting a certain portion of the industry to connect to the dashboard before the deadline.
The approach will potentially allow the ‘Dashboards Available Point’ (when the public gains access to the dashboards) to be realised sooner than 2026.
In June Pensions Minister Laura Trott announced a two and half year delay to the mandatory adoption of the dashboards amid technical challenges and requests for more time.
Digital financial adviser Wealth Wizards said the delat leaves Pensions Dashboard service firms at a critical juncture and firms should fully capitalise on the extended deadline and embrace innovative tools that enhance consumer engagement.
Nick Hall, business development director at Wealth Wizards, said firms must anticipate the growing demand from consumers while maintaining compliance with the FCA’s standards.
He said: “Firms aspiring to offer pension dashboard services should seize this extended time frame to refine and enhance their propositions.
“Exciting horizons await authorised PDS firms as the FCA proposes an expansion beyond the traditional ‘find and view’ function of a pensions dashboard. The aim is to foster an environment where consumers can ‘confidently and actively engage with their pensions’, enabling consumers to ‘continue their pensions engagement journey in an informative and secure environment’.”
He said that by harnessing the power of automation, PDS providers can offer personalised digital guidance and advice services which will allow consumers to gain a deeper understanding of their current retirement provision and take proactive steps towards a more secure future.
Mr Hall said: “By offering consumers access to services that help them navigate their next steps, both individuals and the pensions industry stand to benefit. It presents an opportune moment to reinvigorate consumer engagement in savings and unlock significant business potential.”
But he warned firms must establish a resilient and scalable digital service to accommodate the anticipated surge in pension data access and heightened consumer interest in actively engaging with and exploring pension options.
Wealth Wizards aims to help the financial services industry deliver financial well-being for everyone. The company’s digital financial wellbeing software – ‘Wealth Wizards Platform’ and ‘MyEva’ – are deployed in various sectors, including banking, assurance, financial advice and employee benefit.
