The Pensions Administration Standards Association (PASA) has revealed the 12 members of its pensions dashboard working group, which includes representatives from the likes of The Pensions Regulator, Equiniti and Mercer.
The group of 12 representatives will work with The Pensions Regulator to set the minimum data standards required for schemes to be "dashboard ready" and the way the standards should be promoted and monitored. It will also look at the costs and benefits of the dashboard for pension schemes.
The PASA said all schemes should be able to attain the set minimum standards. The association will liaise with the HM Treasury Dashboard Steering Group and the Project Group to "ensure everyone is joined up".
PASA chair Margaret Snowdon has previously called on the government to force providers to sign up to the dashboard in anticipation of resistance from defined benefit (DB) schemes in particular.
"Defined benefit pensions are where there is most resistance and reluctance," she said. "Unlike newer defined contribution schemes, DB schemes do not have much online presence, so there is more work for them to prepare their data for the dashboard and they are put off by the cost and effort."
The pension dashboard, announced in the 2016 Spring Budget by then-Chancellor George Osborne, is a tool that will allows consumers to see all their pension savings in one place. The Treasury set its deadline as 2019 at the latest. A separate group of 11 pension providers are currently working on a prototype dashboard that is due to be launched in the coming weeks.
The PASA working group members are as follows:
|Accurate Data Services||David Rich|
|Allen & Overy||Francesca Parnell|
|Capita Employee Benefits||Andrew Short|
|Hymans Robertson||Susan Sinclair|
|Muse Advisory||Ian McQuade|
|My CSP||Chris Batts|
|National Grid||Richard Smith|
|Rothesay Life||Sonya Purkayastha|
|The Pensions Regulator||Lucy Stone|
Each member was chosen as a result of "their respective expertise and willingness to take on the big issues many schemes are struggling with", the PASA said.
PASA director Geraldine Brasset, who will chair the working group, said the dashboard could be a "game-changer". "Getting member and benefit data right, and having the right technological solutions, is going to be absolutely essential to the member experience of the dashboard and, ultimately, dictate its long-term success," she added.
"It is also vital of course that the scheme experience is a good one in terms of cost and complexity. It is no exaggeration to say the pensions dashboard could be a positive game-changer for pensions saving in the UK and, as such, at PASA we want to put the full weight of our expertise and support behind it."
She added: "With the first prototype due to be ready in just a few months, there are many challenges to be addressed, but we are dedicated to devoting our time and energy to helping administrators and schemes plan."
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