The industry is now waiting on the publication of the Government’s feasibility study for details of whether it will legislate to compel providers and schemes to participate.
McVey says the Government ‘will ensure that the interests of pension holders are safeguarded and personal information is protected, legislating to do so where necessary’.
Media reports had previously suggested that the DWP was contemplating shelving the dashboard.McVey says:“The pensions landscape is transforming and the dashboard offers a great opportunity to give people straightforward access to their pension information in a clear and simple format – bringing together an individual’s savings in a single place online.
“It’s clear there is broad support for the concept of a dashboard and its potential to empower those putting money away for their futures.
“By taking a leading role, and harnessing their knowledge, industry can develop a dashboard that works for pensions holders – and government will help facilitate this.”
PLSA director of policy and research Nigel Peaple says:“The pensions dashboard will be an essential tool to help savers plan their retirement income. We’re therefore very pleased the Government has stated its commitment to the delivery of a dashboard, and that it will facilitate this project. However, while the industry is strongly behind this initiative, it’s absolutely vital the Government does not leave this solely to the industry and remains closely involved.
“The PLSA has long said that Government participation is essential to the success of this project, both to give the public confidence in the tool and to ensure all parts of the pension sector and other key stakeholders are fully involved. We now eagerly await the publication of the feasibility study to understand the detail behind the Government’s involvement and next steps.”
Quilter head of retirement policy Jon Greer says: “The pension dashboard saga continues and now the government have taken the rumours of industry action as an opportunity to hand over the project to providers. This project has been moving at a sloth’s pace and it is good that finally the public is being granted some confidence that the project, which looked set for the chopping block, still has some life in it. However, government’s statement is vague. We remain in murky water when it comes to what the dashboard will actually look like, whether one or multiple dashboards, and what the government actually means when they say they will ‘facilitate it’. More clarity is needed and we await the feasibility study, which the minister suggests is imminent.
“Government cannot wipe their hands of the project as a pension dashboard without all the data would be as useful as a recipe with only some of the ingredients listed. Shelving the dashboard indefinitely would have let down savers and could even risk undermining the successful auto-enrolment policy over the longer term. However, a half-hearted solution is not much better. Any industry led dashboard will need not just backing from the government, but engagement. The industry can certainly get things off the ground by using their resources and expertise. However, the DWP still need to take responsibility for ensuring data is protected and that all relevant pension information, including state and public sector pensions are included.
“The focus for the DWP is the roll out of universal credit, which involves the managed migration of the estimated 1.9m individuals and families moving to Universal Credit. This project that has encountered a number of teething issues and last week Sadiq Kahn called for rollout to be paused. The state’s lack of resource has meant it needs to take a back seat and it is only right for the industry to step up to plate to ensure this important project is delivered.
“It remains unclear whether government will legislate to force providers to share their data and some providers may not see it as a priority, meaning the goal of portraying people’s full pension savings will remain a dream rather than reality.”
