Pension dashboards will drive engagement, but providers won’t go far without key data   

Mobius Life believes that pension dashboards will be a game-changer, driving peoples’ engagement with their pensions and ultimately leading to a higher, more sustainable incomes in retirement.

But to succeed, pension dashboards will all need accurate information from a multitude of sources. Feeds will include pension valuations, daily and historic pricing and other critical data, all delivered in near real time.

That’s where schemes administered on the Mobius Life platform will have a clear advantage. We already hold schemes’ pricing data and can feed this into dashboard providers’ systems, using data standards and formats they require.

But why are pension dashboards such a great idea? The government estimates that people may build up to (some say at least) 11 different pension pots in their lifetime, so it’s no surprise that many find it almost impossible to keep track.

Dashboards will allow people to access information about all their pension savings, including the state pension, in one place online, on-demand, transforming how people engage with their pensions and savings.

Since the Pension Schemes Act was passed in 2021, stakeholders across the industry have been working to prepare for the introduction of dashboards – which for large schemes and master trusts should start from 2023.

We now have a clear view of the regulations that will underpin the provision of dashboards - following the DWP’s consultation which closed in March. The challenge is to get everything in place for the start of the dashboard revolution.

And there is no underestimating the challenge. Providers will need to locate multiple schemes using personal information such as name, address, date of birth and NI number. They will be obliged to protect people’s identity and meet the UK GDPR standards. They will also need to work out how information from multiple different schemes, both DB and DC, often with different benefit outcomes will be presented. The task is mind boggling.

But at its heart the success of the dashboards project will rely on good quality data.

At Mobius Life, we’re ready. We have accurate historic, and current, pricing data about all our pension scheme clients’ investments. We’re ready to feed this into dashboard providers’ systems, using the standards and formats they require.

It’s another advantage to schemes of using the Mobius Life pension platform to administer their investments and power their reporting. If you’d like to find out more about how we’re working to provide key data to dashboard providers, please give us a call today.

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