13 Dec 2017
Pension dashboard will benefit consumer and industry alike says MP
The government will announce legislation on the pension dashboard to bring pension schemes and providers on board, Guy Opperman, the minister for pensions and financial inclusion, revealed.
Speaking at a workshop session on the project on Monday (11th December), the minister said:
“…there is growing evidence for some form of compulsion to bring about a complete dashboard in a reasonable timeframe”.
The plan behind the pension dashboard, which is due to be launched in 2019, is to create the technology to enable savers to see all of their retirement pots in one place at the same time, giving them a greater awareness of their assets and how to plan for their retirement.
At the workshop sessions, industry experts told the government that the project should be phased-in and be accessible first-hand to people at retirement.
Mr Opperman said:
“The DWP [Department for Work and Pensions] feasibility study is looking into the detail of all this and we will explore the user perspective and the requirements and concerns among industry… It is time to bring pensions into the digital age.”
According to the minister, all scheme providers:
“…have a duty to ensure that a person’s data, information that belongs to them, is made available when the person requests it.”
“The pension dashboard can help facilitate the provision of basic pension information, to the benefit of the consumer and industry, particularly if it means reconnecting members with lost pots.”
Mr Opperman argued it is vital to have a consumer protection framework in place with the project.
“We need to maximise people’s engagement in their pension while maintaining their trust. We will ensure that consumer interests are properly safeguarded and their information protected.”