At the Pensions Administration Standards Association annual conference in London, Bravura and Moneyhub launched the UK’s first end-to-end Pension Dashboards Program.
The data and payments platform Moneyhub and the financial technology firm Bravura have teamed up to create what is thought to be the UK’s first end-to-end Pension Dashboards Program. At the Pensions Administration Standards Association (PASA) annual conference in St. Paul’s, London, attendees were given a demonstration of the pension dashboard technologies.
The front-end commercial Pensions Dashboard Service (PDS) from Moneyhub will connect and interact with an Integrated Service Provider (ISP) microservice from Bravura called “Dashboards Connect.” Through this partnership, it can access and view real-time pensions data, building a front- and back-end pensions dashboard that is fully functional. A demo will show how users can locate and view their pensions using a commercial pension dashboard.
On May 2, 2023, in the late afternoon, a live panel discussion titled “Data & Dashboards: Found, Viewed & Queried” featured the pensions dashboard demo. The panel will address the end-to-end user experience of dashboards from each of their perspectives and will be made up of a data provider, a dashboard provider, and an administrator.
Bravura also intends to connect its own prototype front-end commercial PDS to its ISP during the conference’s demo sessions in order to demonstrate how various dashboards—each of which offers a different set of tools and services—will result in a variety of journeys and the opportunities this presents for both providers and savers.
The Department for Work and Pensions (DWP) postponed the implementation of the Pension Dashboards Programme (PDP) until March 2023. The complexity of the infrastructure that was needed, which would take a lot longer to create if it were to serve the entire UK, looked to be the cause of the delay.
Utilizing the delay as “a gift to the industry”
To achieve a successful end for customers, Jonathan Hawkins, principal consultant and pensions expert at Bravura, emphasized the need of cooperation.
“The current delay to the PDP is a gift to the industry and one that should be used carefully,” said Hawkins. This industry-led partnership demonstrates how far front-end commercial PDS providers, including Moneyhub, and ISP providers, including us, have progressed since the program was formally launched and demonstrates the technology’s viability.
“Dashboards will be a powerful force for good once they are released to the general public, so it’s critical that we collaborate to test and choose the best strategy. Millions of people are anticipated to employ dashboards to locate misplaced or forgotten pensions, and just like other digital services, each user’s journey will be distinct due to the variety of dashboards anticipated to be offered to savers. Regulators and standard-setters must watch out for unwittingly putting up needless hurdles that could stifle innovation in order to deny entry to the market for forward-thinking businesses.
Early testing will significantly benefit the sector
“We built our Moneyhub CDA at the end of 2022 after being approached by several ISPs wanting to conduct end-to-end testing without having to wait for the PDP CDA to be ready,” said Dan Scholey, chief commercial officer of Moneyhub. Working with Bravura and its subsidiary Delta as the first ISP to connect has been wonderful because it has shown how far we’ve come and how soon dashboards will be implemented.
“The program is now entering a critical phase, and while the timeline for data connection staging resets, the collaboration of two leading providers to advance the discussion moves us closer to the industry-led, government-coordinated program that the DWP originally envisioned back in 2019. Dashboards cannot be delivered by the industry on its own, but we can and must test and demonstrate what is possible both before and after the regulation takes effect. The industry will benefit greatly from this early testing, but consumers will benefit even more.
It’s a really exciting time to be a part of the dashboards effort, and we have faith that the decisions the FCA and PDP are presently debating about issues like post-view services and tools will continue to embrace innovation and provide positive results for both consumers and business.