Momentum with dashboards continues to build – last month we saw Money and Pensions Service (“MaPS”) shift another gear, as it announced it is recruiting participants for phase 2 of its consumer testing.
What will phase 2 testing* entail?
If we were to liken phase 1 testing to riding a bike with stabilisers (testing a smaller number of users), phase 2 would be akin to taking the stabilisers off to see how the Dashboard copes with significantly increased testing volumes (we’re talking up to 20,000 users across a “range of demographic groups and pension types”).
The big question now is how steady will that ride be? Will testing pedal along smoothly as confidence grows, or will there be a few wobbles and areas requiring a bit more adjustment? While the latter seems more likely given the very nature of “testing”, there is no doubt that it will provide valuable insights into things like data quality, as well as user experience and understanding. All of this will serve as much needed intel before dashboards are ready to head out onto the open road to greet the wider public at the “Dashboards Available Point” or “DAP”.
But what does this mean for trustees?
While many trustees may be breathing a sigh of relief after successfully getting connected, that milestone is not the finish line. In many ways, it is just the start. Trustees now need to start thinking beyond initial connection and towards life after it.
How to address this gear shift
After the initial connection flurry, it is a good juncture to reflect on the scheme’s dashboards journey so far and consider the following key areas:
- Collaboration: Although administrators will generally be carrying out the bulk of day-to-day dashboards activities, trustees remain legally responsible for meeting their dashboards duties. Working closely with the administrator will be important, with clear roles, good communication and a shared understanding all remaining essential to keeping all things dashboards on track. For example, liaising with administrators on their approach to possible matches and whether, as testing progresses, it remains appropriate for the scheme
- Data, data, data: Just as a smooth ride relies on a good quality bike, for dashboards to be a success, quality data is key. Attention can now turn to properly assessing whether data (and don’t forget this includes AVC data) is appropriately accurate for the purposes of matching, rather than simply being ‘good enough’ to get connected. Trustees should also be exploring options to increase automation where possible, eg in respect of value data.
- Good governance: Are your providers meeting the dashboard-related activities they have committed to undertaking? Are you receiving regular update reports, for example on data improvement, matching performance and response times (this may be particularly relevant where schemes are engaged in live user testing). Are any risks or concerns that may be coming out of the woodwork being appropriately managed and discussed? As we move closer to the Dashboard Available Point, trustees may want to revisit any dashboard-related contractual terms to see if they need to be updated.
Continued preparation is key
The phrase “fail to prepare, prepare to fail”, often attributed to Benjamin Franklin (although my old food tech teacher had led me to believe this was entirely a product her creation), feels particularly apt here.
Taking the time to improve scheme data, check in with providers and cement good governance is an investment worth making. Putting this groundwork in place now should help schemes move forward as the dashboards journey evolves – a journey that the industry hopes will result in individuals becoming much more empowered to engage with their pensions.
* For a more detailed overview on the different phases, please see our blog on testing here.
