The Government will press ahead with plans for a pensions dashboard to facilitate the co-ordination of pensions data from all sources within three years.
The Budget papers set out a commitment to take forward the Financial Advice Market Review recommendation that a pension dashboard be established by 2019.
Industry experts have suggested the new co-ordinated pensions advice body, created by the merger of MAS, TPAS and Pension Wise, could host the dashboard.
The Budget document says: “The average person will move employers 11 times over their working life, meaning they could end up with 11 or more private pensions by the time they retire. Research shows that over a third of people approaching retirement find it difficult to keep track of their pension pots. To help the next generation to clearly view their pensions savings, the government will ensure the industry designs, funds and launches a pensions dashboard by 2019. This will mean an individual can view all their retirement savings in one place.”
Scottish Widows head of industry development Peter Glancy says: “We have always argued that the pension dashboard should be co-ordinated by an independent body. With the guidance functions of the Money Advice Service, Pension Wise and TPAS all being combined in a new body paid for through levies across both FCA and TPR regulated bodies, we have a funding model for such an independent body to whom information could be passed with confidence.”
