PDP call for input on data standards: response from Smart

Getting the data standards clear and right is a necessary first step in injecting some momentum into the creation of pension dashboards.

Commenting on the close of the dashboard consultation on data standards, Darren Philp, Director of Policy at Smart Pension, said:

“This is an important milestone in the development of pension dashboards and, once the final data standards are agreed, the project should be able to crack on and give providers and schemes certainty about what data they will need to provide. In doing this it will be helpful for the project to start setting out how the dashboard infrastructure will operate so providers and schemes can start planning how best to integrate with this infrastructure.

“We need to up the pace on the development of dashboards and we need to allow dashboard operators to innovate. While we understand the need to protect members from charlatans and scams, we do need to create a space for pension schemes to be able to innovate and help their members to save and plan for the long term. Let’s create an environment where we can help, not hinder, savers and make sure we don’t shackle dashboard providers with an overly cautious, and backward-looking, approach that’s being advocated by some in the industry.”.

See the full document here.