The Pensions and Lifetime Savings Association (PLSA) comments on the Pension Dashboards Programme’s (PDP) Data Standards publication.
Nigel Peaple, Director of Policy & Research, PLSA, said: “PLSA members have consistently told us that they require legal certainty and a set of clear, unambiguous data standards to plan and resource preparations for dashboards. With the recent discussions on the Pension Schemes Bill and today’s publications by the Pensions Dashboards Programme (PDP), we can see good progress towards meeting this essential industry requirement. That said, more work will be needed on detailing and specifying these standards over the next year.
“The data standards outlined in today’s publications seek to achieve the Government’s commitment to deliver initial dashboards that offer ‘find and view’ functionality. Crucially, these standards will enable savers to understand their estimated retirement income (ERI) more easily than ever before, though some serious challenges remain to ensure that ERI values are consistent across DB and DC entitlements.
“Whilst pension schemes can now start to prepare their data in earnest, it is essential that the PDP turns its focus to the development of a robust consumer protection framework over the course of 2021. Appropriate protections should be in place long before the first dashboard goes live to ensure that the data dashboards present and the functionality they offer do not result in consumer detriment, mis-selling or pension scams.”
Mark Smith, Senior PR Manager
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Steven Kennedy, PR Manager
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