The government has delayed the introduction of new online pensions dashboards that will enable individuals saving for retirement to view their pension pots in one place.
The pensions dashboards system was initially supposed to take effect in 2019. However, the Money and Pensions Service (MaPS) recently outlined that a fully operational pensions dashboard system will not be in place until 2023.
According to the MaPS, development and testing of the pensions dashboard system will start in 2021.
Commenting on the issue, Chris Curry, Principal of the Pensions Dashboard Programme at the MaPS, said: 'While dashboards are a simple concept, the delivery of dashboards will be complex and is reliant on collaboration between the Pensions Dashboard Programme and many other organisations across government, regulators, dashboard providers, pension schemes and providers to complete actions at a specific time.
'The first version of the data standards, which will be published in December, will enable industry to take action and take the next steps in making pensions dashboards a reality.'