Reynolds said she was directing PDP to focus its efforts on the connection and launch of the MoneyHelper dashboard service before turning to the work of connecting commercial dashboards.
The timeline set by the Government for pension schemes and providers to connect to the pensions dashboard system remains unchanged. The process is expected to begin in 2025 with a final completion date of 31 October 2026.
However, Reynolds confirmed it is still too early to confirm a launch date for public use.
The MP said: “Everyone should feel confident about their retirement, and pensions dashboards will be a game changer for retirement planning, promoting greater engagement, which in turn could promote greater outcomes.”
“I am fully committed to the delivery of pensions dashboards which will give future pensioners the choice and security in retirement they deserve”, she added.
How life insurance can benefit your health and wellbeing over the decades
Sponsored by Post Office
Pensions dashboards aim to provide a secure way for individuals to view a summary of their pension picture online, including information about the State Pension. This will help people find their lost pension pots and promote greater engagement – empowering individuals to plan their future more confidently.
The PDP, which is part of the Money and Pensions Service (MaPS), recently concluded a formal ‘reset process’ which generated a revised delivery plan.
In line with that plan, the programme has begun testing the connection journey with a small number of external organisations which will help facilitate wider industry connections.
‘Dashboard will be a huge catalyst for change’
Yvonne Braun, director of policy, long-term savings, health and protection at the ABI, said: “Pensions dashboards will be a huge catalyst for positive change in how people engage with their pensions, including helping them find lost pension money. We are reassured to see the Government’s continued commitment to the Programme, and to launching both a state-owned MoneyHelper dashboard and enabling commercial dashboards. Commercial dashboards are vital because they will allow the maximum number of people to find their pension information in the online services they use day to day.
“It is therefore crucial both the MoneyHelper dashboard and commercial dashboards are launched as soon as possible, and very closely together, so that this pioneering project can deliver on its enormous potential.”
Rocio Concha, director of policy and advocacy at Which?, said: “It’s right that the Government is prioritising the delivery of the pensions dashboards programme. This should enable savers to see all their pensions in one place sooner, reducing consumer costs and also tackling the scourge of lost pension pots.
“We were originally promised that pensions dashboards would go live years ago. It’s vital that the Government sticks to its commitment not to let the timeline for delivery slip any further so people can start benefiting from this scheme as soon as possible.”