Pensions Dashboards Programme

What is it?

The Pensions Dashboards Programme was introduced and there are expectations for providers to meet. The Pensions Dashboard is what will change the landscape of pensions in the UK by allowing members to view all their pensions in one place; making pensions more accessible and giving people control of their financial future. Although this sounds simple, there many things for providers to take into consideration in order to be able to satisfy the Pensions Dashboard Programme’s requirements. We created this page as a guide to share all our helpful resources related to the Pensions Dashboard Programme that can help guide providers through this transition. Should you have any questions, please do not hesitate to get in touch with us at sales@ctcpensionstech.com.

What does this mean for providers? 

Now that providers must comply with the requirements of the Pensions Dashboard Programme, pensions providers must be taking the necessary steps of searching for their dedicated Pensions Dashboard ISP provider. One thing to think about before anything else is how to link your organisation’s existing systems to the Pensions Dashboard’s ecosystem. The Pensions Dashboard’s ecosystem is essentially the technologies required to help pension providers comply and meet the requirements of the Pensions Dashboard Programme. Some of the things providers must consider are: 

  • How to bring your existing data online 

  • What should you consider going digital for the first time 

  • Understanding the data standard 

  • Understanding the Pensions Dashboard ecosystem 

  • Future-proofing your organisation regardless of the change 

  • The differences between the digital VS the manual provider and customer journey 

  • Building the Pensions Dashboard VS buying Pensions Dashboard 

Understandably, this is going to be a major shift and would require a lot of research before selecting your dedicated Pensions Dashboard ISP provider, this could be us! 

Once you’ve decided, another thing that goes beyond the Pensions Dashboard Programme is, if your Pensions Dashboard ISP provider will be able to offer connections to other solutions that can help your business upscale and if consistent regulatory updates will be guaranteed. The idea of technology is to take the painful process away from manual work, and regulation is one thing that we can say gets more complicated day by day, especially when it's either being introduced or amended. 

What are the goals and benefits of the Pensions Dashboards Programme? 

Many individuals worked in many workplaces in their lifetime and there are chances that they may have lost track of their pension pots. The introduction of the Pensions Dashboard Programme will allow individuals to track all their lost pension pots, which will enable them to make a better understanding of how much they have, and help individuals better plan for their retirement. 

While this transition shows a clear benefit for your customers, the benefit for providers is also obvious. Customers will be more engaged with their pots meaning they will be more engaged with the services that your organisation offers. This simply means your business must be prepared for the level of engagement beyond the Pensions Dashboard Programme’s requirements, but services to offer after they’ve learnt about their pension pots. 

Transitioning to digital is a benefit and we hope you’ll agree with us after we share a few things with you. Although a lot of the process can be done manually, with the quantity of feedback that providers must ping back along with the speed, going digital is the right way forward as this can easily help your organisation upscale without a limit on capacity. The manual process will only make the process longer than it needs to be, and with more customers, eventually, the number of requests may be backlogged; not to mention the frustration customers may feel should they have to wait for too long. 

Now that we established that customers will be more engaged as they’re more educated about their pension pots, ensuring your system offers interactivity is important. The digital age is no longer about applying for any requests physically and taking time to respond, but it’s all about immediate requests and immediate responses to requests. 

 

What is the pensions dashboards ecosystem? 

The Pensions Dashboard ecosystem is very important for the Pensions Dashboard Programme. The ecosystem is all the technical services that must be connected in order to help your organisation meet the requirements of the Pensions Dashboard Programme and make your pensions dashboard work. The dashboard is what will show your customers their data. 

Here at CTC, our speciality is being an actuary meaning calculations is something we love and are good at; another speciality that goes hand in hand with our expertise in calculations is we’re a technology company that enjoys simplifying the complicated pensions process and making it simple for everyone involved; combining both our speciality together, we’re here to help your organisation transition to digital or connect to your existing systems with ease of mind. 

What makes our Pensions Dashboard ISP solution stand out among other providers is that since our speciality is calculations, our Pensions Dashboard ISP solution comes with an Estimated Retirement Income (ERI) feature. If you would like to learn more about our Pensions Dashboard’s ERI, why not catch up on our webinar replay? Simply click here to gain access.

Why should pension providers consider an ISP to assist their organisation with the Pensions Dashboard Programme? 

It is arguable that providers can build the Pensions Dashboard ecosystem themselves, however, this is not as easy as it sounds. A small team within your organisation will not be enough. It’s not just about meeting the requirements and the project is complete, but it is also about ensuring the correct data are pulled together to display what the dashboard requires alongside many other maintenances to ensure that the dashboard works smoothly while your organisation is offering your core services to your customers. 

Therefore, specialists like us can help you take that hassle away and make the transition to satisfy the Pensions Dashboard Programme simple by being your dedicated Pensions Dashboard ISP. This means that we take care of all the difficult technicalities while you offer your core services. 

 

Get in touch with us 

We’ve been trusted by many leading providers for over three decades and counting. We’ve helped many organisations transition from the manual process to digital. Your organisation can either use our technology from the beginning or fit in with any existing systems as our technology offers flexibility. Our specialists are here to help you through every step of the way. 

The core foundation of our technology is the excellent user experience for both providers and their customers as well as confidence in compliance. Look no further if your organisation is looking for a technology partner who can offer your organisation the best chance at upscaling while helping your organisation comply with all the required regulations digitally. 

If you’re curious to learn more about how we work, please click here to learn more. 

Click here to learn more about CTC’s Pensions Dashboard ISP solution.

Resources – white paper 

Resources – blog posts

 

Resources – webinar