The Association of British Insurers (ABI) is set to establish and lead an interim phase of the pensions dashboard project to ensure it does not lose 'momentum' during the election.
The industry body - which manages the prototype project on behalf of HM Treasury - said it had been pleased with the progress made so far but was concerned the project could stall when the prototype phase of the project ends later this month because of the general election.
This new interim phase of the project aims to keep the dashboard on track to meet its 2019 deadline and will work on four key areas - an industry cost benefit analysis, research of customer needs, working out the requirements for a secure end-to-end service and further development of technical data standards.
All of the firms currently contributing to the prototype project have unanimously agreed to start fresh work on these issues.
ABI director of long-term savings and protection policy Yvonne Braun said: "The interim work being undertaken by the contributors and the ABI will allow the pensions dashboard to maintain momentum despite the pause in policy development as a result of the general election.
"The work which will be done focuses on filling in crucial gaps which will ensure the project can proceed without delay once a new government is in place. We look forward to engaging with all the organisations which have an interest in this area."
The Pension Administration Standards Association (PASA) is also working on the interim phase of the project to develop a code of conduct for the dashboard and ensure it meets requirements from the Pensions Regulator (TPR).
PASA chairwoman and independent member of the Dashboard Prototype Steering Group Margaret Snowdon said: "Trustees, providers and administrators have been asking what they need to do to be ready. Clear, workable data standards specific to dashboard readiness will help PASA is pleased to work with the ABI and the TPR to develop this."
Commenting on the move, Pensions and Lifetime Savings Association deputy director Nigel Peaple said: "The decision by the pensions dashboard industry group to maintain momentum over the general election period makes good sense."
The People's Pension director of policy and market engagement Darren Philp added: "This next interim phase will be crucial in terms of maintaining momentum and driving delivery of a workable, practical dashboard.
"The primary focus in this phase of the work needs to be about understanding the needs and wants of consumers, while working out the impact of delivery on the industry so we can make the case for legislation. A dashboard will only realise its full potential if people can clearly and easily see all their pension savings in one place."
Philp concluded: "While it may take a while to get there, anything but full coverage delivered in a clear and concise format risks disappointing consumers and this is an issue that needs to be agreed as soon as possible."
The ABI said no additional funding will be required from participating firms at this time due to the size of contributions made so far.
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