The pensions minister has set out how a government-backed dashboard will go live before commercial versions to test consumer behaviour and protection.
In a written statement to Parliament Emma Reynolds announced the MoneyHelper dashboard will be made publicly available before commercial dashboards are launched.
Reynolds said: "I have directed the Pensions Dashboards Programme to focus its efforts on the connection and launch of the MoneyHelper dashboard service, before turning to the work of connecting commercial dashboard services."
She explained that prioritising the launch of a government-backed dashboard will help gain insights into savers' behaviour and consumer protection before commercial dashboards are introduced.
"In the interests of ensuring consumers have the best experience on dashboards, it is prudent to allow a period while only the MoneyHelper dashboard is operational," Reynolds said.
Yvonne Braun, director of policy for long term savings, health and protection at the ABI, said that although it was good to see the government committing to dashboards, it is important to allow commercial dashboards to operate.
She said: "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 on-line 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."
Nigel Peaple, chief policy counsel at the PLSA, said: “The decision to first connect the government-run Money Helper dashboard before extending the initiative to private sector pensions dashboards provides a sensible way of derisking the project for government, schemes and savers.
“It’s also positive that today’s statement notes the new approach will ensure more opportunities for the PDP to undertake consumer testing and that it will engage with potential commercial dashboard providers very soon.”
But the pensions minister said it was too early to say when these would go live.
Reynolds said although it was too early to confirm a launch date, she said the government was "taking steps to help the public realise the benefits of using a pensions dashboard at the earliest opportunity”.
She stated: “We are committed to the existing published timetable for the connection of pension schemes and providers to the pensions dashboards ecosystem, which is expected to begin in April 2025, as well as the overall connection deadline of 31 October 2026.
“It is therefore essential that the pensions industry continues to prepare for connection, having regard to the timetable set out in DWP’s guidance.
“Facilitating the launch of pensions dashboards is a challenging and complex undertaking, but the government is firmly committed to their successful delivery and to unlocking the potential benefits they will offer to future pensioners.”
