While noting that the laying of these regulations on October 17 “marks another important milestone in the government’s progress towards making pensions dashboards a reality”, Opperman argued that “the work does not stop here, and organisations within industry should now be actively preparing to meet their forthcoming duties”.
Industry welcomes change
Industry experts have welcomed the government’s extension of the dashboards lead time.
Former pensions minister and LCP partner Sir Steve Webb noted this decision “is very sensible”.
“The previous proposal of just three months’ notice would have given schemes very little time to put in place the capacity they will need if there is an early surge in engagement with dashboards,” he said.
“Even six months will be challenging, but it is a welcome sign that the department has listened to the practical issues being raised by the industry.”
Shula PR and Policy managing director Darren Philp argued that the “consultation response is a positive step forward”.
He noted that the extension “will allow schemes and providers more time to gear up and be ready, particularly from a customer service point of view”.
“The commitment to work transparently with industry and stakeholders is also welcome. Before giving notice of the dashboards available point, it is important that the system is geared up and ready,” he said.
Broadstone technical director David Brooks said: "We would hope that the Pension Dashboard Programme will also be able to give clear guidance as we draw closer, so even the six month warning bell is sounded when we have an appreciation of the timecales.
"However, we do hope the countdown isn't delayed by any politicking, as the dashboard project is an important one that needs to come to fruition as soon as possible."
Maria Espadinha is editor at FTAdviser's sister publication Pensions Expert
