Dunstan Thomas explores pensions engagement, managing partial matches with TPR and MaPS in Pensions Dashboards webinar
7 November 2022
The Pensions Dashboards Programme (PDP) will enable individuals to securely access their pensions information in one place online – potentially reuniting consumers with hundreds of thousands lost pension pots when the Dashboards go live. The PDP will allow users to view the estimated value and even the Estimated Retirement Income that they can expect to derive from these pots, all on one of several dashboards which should be live by Dashboards Availability Point (DAP).
To achieve this, the Department of Work & Pensions’ state pensions system as well as multiple services and nearly all pension providers will need to be connected into a single ecosystem which is being architected and tested under the leadership of the Money and Pensions Service (MaPS).
On Thursday 27th October, Dunstan Thomas’ Adrian Boulding hosted our webinar and chaired a panel session with The Pensions Regulator’s lead on PDP - Lucy Stone, and Richard James - PDP’s Programme Director at MaPS . The webinar considered a wide range of topics, including how to resource partial matches in the pensions dashboard, and the potential for use of retirement income planning tools in future phases of the PDP.
The discussion points included:
Will the Pensions Dashboards increase pensions engagement?
The Pensions Dashboards Programme is a very important tool in the Government’s and the Regulator’s relentless drive to stimulate deeper engagement with the issue of saving for retirement. Dashboards will provide individuals with clear information, which will be a great starting point to seek free guidance (perhaps from MaPS) or paid for financial advice.
How will the partial match process work in practice?
A partial match refers to when a data provider can match some but not all of the personal data that they receive from a dashboard user’s request for information. The advantage of a partial match is that it prevents data providers from risking the display of the incorrect pension information to the user – something that would be misleading and in breach of GDPR rules . Contact centre teams within providers will however need to be ready to handle potentially large volumes of enquiries from dashboard users which have been subject to a partial match and therefore may or may not have a pension pot to claim.
Further identification and authentication checks will need to be run in discussion with the provider to determine and ensure the enquirer is the rightful owner of the pot in question.
What is the future of Pensions Dashboards in terms of tools?
The Pensions Dashboards will offer a foundational step in connecting the pensions industry with individuals, giving them a near instant snapshot of their total pension savings, online and all in one place. FCA regulation will determine the layout of data on dashboards and Dashboard Design Standards will need to be defined.
Watch the Pensions Dashboards webinar in its entirety here.
Imago Connect is Dunstan Thomas’ Integrated Service Provider (ISP) solution. Imago Connect has been designed and built to enable all types of pension providers to meet their pension dashboard obligations in a straight forward and cost effective manner, whilst remaining fully compliant. It will enable providers to deliver the correct data, rapidly, reliably and in a highly scalable and secure way in conformance with GDPR as well as PDP data standards, technology and service delivery requirements.
Imago Connect has been designed to ensure a rapid and accurate match response based on the data match rules of providers. The objective is to enable providers to unite users with their pensions once their identity has been verified on a dashboard. More about Imago Connect
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