The British Welfare and Pension Administration reported disappointment due to the delay in the launch of the Pensions Management Panel project.
The concept of the pension monitoring panel was presented in 2015. The essence of this initiative in the field of financial management of UK residents was to create a single online platform on which information about consumers’ retirement savings would be posted.
Initially, the launch of the pensions dashboard was scheduled for 2019. But the implementation of the project was carried out and continues to be carried out not as fast as the developers expected. As a result, the launch of the online platform was postponed several times, and it is still unknown when exactly the long-awaited event will take place.
The next postponement of the launch of the dashboard was announced by the UK Pensions Minister Laura Trott. She cited regulatory problems and technical difficulties as the reasons for the decision to reschedule the launch of the online platform later. The Minister stated that this project is technically complex, which determines the duration of preparation for launch. She also noted that the pension industry needs a lot of time to ensure the successful connection of a wide range of different IT systems to the digital architecture of information panels.
British pension providers that manage assets and investment platforms have been disappointed by another postponement of the dashboard launch. Lily Megson, policy director of My Pension Expert, said that this decision is a disappointing scenario, but noted that the project needs serious revision.
Nick Meredith, product director of Equisoft software company, says that launching an online platform is a very complex process, which is why the constant delays are not surprising, although their quantity is disappointing.
Alice Guy, the editor of the personal finance department of the wealth management platform Interactive Investor, said that the highly technical project requires new IT systems and digital architecture to allow pension providers to safely and accurately share information about pensions.
As we have reported earlier, UK data reform bill is on pause.