Companies partner to launch PDP onboarding solution
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Companies partner to launch PDP onboarding solution 10 March 2023UK Reporter: Lucy Carter
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Target Professional Services, mypensionID, Bravura and its subsidiary Delta Financial Systems (Delta) have created an end-to-end solution to support the pensions dashboards ecosystem onboarding process for UK pensions providers.
Following the recent reset of the UK Pensions Dashboard Programme (PDP), pensions providers have been encouraged to prepare to connect to the ecosystem in advance of updated staging deadline announcements.
By helping users through the processes and regulations that must be adhered to as they set up their pension dashboards, the four companies’ solution aims to keep clients on track with their connection operations. This will save significant time in the future, they affirm.
The solution’s screening and cleansing of member data is carried out by Target Professional Services, while verification and tracing of individual members’ data is handled by sister company mypensionID. The latter takes place through a custom-built verification app, through which members can identify themselves via phone rather than post.
Bravura and Delta’s integrated service provider solution configures this collected data into the provider’s matching rules, before testing it against the PDP’s code of connection. This system will receive regular updates in line with changing regulations.
Lisa Lyon, managing director at Target professional Services, says: “Despite the recent reset, the staging deadlines will still rapidly approach and there’s a clear and urgent need for a compelling end-to-end solution to help take this stress away.
“While each company is a specialist in its own area, together the whole is certainly greater than the sum of our parts.”
Jonathan Hawkins, principal consultant and pensions specialist at Bravura, adds: “Pensions dashboards are a crucial step towards modernising and digitising the UK’s pensions sector and pensions providers need tech partners with proven scale and expertise.
“Delta, mypensionID and Target’s deep expertise and technical know-how in the pensions and data sectors, combined with our ability to process huge volumes of assets and trades on our systems, delivers that solution.”
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