Interactive Investor

Pensions dashboard project hit by delays

2nd March 2023 14:07

by Jemma Jackson from interactive investor

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interactive investor comments on the setback.

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interactive investor, the UK's second-largest platform for private investors, is disappointed to hear of the delayed connections deadline for the pensions dashboard project. 

This setback will leave many pension savers in the dark, relying on confusing pension year-end statements and online searches about their state pension. Many pension savers have a bewildering array of smaller pensions pots built up through many working years and this makes it hard to know if they are saving enough for a comfortable retirement.

Alice Guy, Personal Finance Editor, interactive investor, comments: “It’s disappointing but not wholly surprisingly that the deadline for pensions dashboards has been pushed back. This is a highly technical project, requiring new IT systems and digital architecture to allow pension providers to share pensions information safely and accurately.

“This moving of the goalposts is frustrating for pension providers as regulated firms need to meet mandated deadlines every year and deliver on time, it’s not possible for them to change the rules to give them more breathing space.

“Although the delay is disappointing, it’s important that the practicalities of the pensions dashboards project are worked through to make sure the new system is a success. We look forward to receiving more information on the new timetable in due course and will work constructively with the government to deliver this project effectively to our customers.”

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