Britain’s Pensions Dashboard Programme has been delayed after problems implementing a working digital infrastructure for the new service.
Originally due for its first connection on 31 August, the date is set to be delayed by a few months while a new plan is decided by the chair of the programme.
The programme is designed to provide a digital location for people to view information about all their pensions whether it be state, workplace or private schemes.
It also aims to help people better understand their pensions as well as reconnect with lost pots, a common occurrence when a scheme loses contact with a member.
“The project is a significant undertaking, requiring the development of new technology that will permit individuals to find their pensions by searching thousands of pension schemes which collectively hold millions of pensions records,” said Laura Trott, MP, and under-secretary for Pensions.
Trott reassured that the framework for the dashboard is still fit for purpose and that the pension industry still has enough time and technical information to prepare for the new deadlines.
Fintech company Origo and French tech firm Capgemini won the government contract to supply the digital architecture in 2021, whilst Dutch business Digidenity was appointed as the dashboard’s temporary identity service supplier.
“Today's announcement is disappointing, but it is the right decision. The Government is wise to prioritise doing the job well rather than doing it in a rush which would result in a bad outcome for the pension industry and savers,” said Nigel Peaple at the Pensions and Lifetime Savings Association.