The ABI is urging the Government to urgently reaffirm its support for a thriving market of private sector pensions dashboards.
This was set out in its new report, “Unlocking Pensions Potential: The Benefits of Private Sector Dashboards”, which highlights the importance of clear Government backing and a published timeline to give companies the confidence and ability to plan and build these platforms.
The ABI argues that, while the Government’s MoneyHelper dashboard is a welcome start, relying on a single, state-run dashboard won’t achieve the full potential. Modern users expect app-based, easy-to-use digital services, so pensions data needs to be available on the platforms they already use to stay visible and convenient.
The report highlights that a strong market for private dashboards is vital to reaching up to 16.3 million users a year and recovering around £540 million in lost pensions. It warns that delays could hold back these benefits. Private dashboards would give people the tools to take action, whether that’s updating their details, adjusting contributions, accessing their pensions, or combining pots. Future rule changes could also allow them to offer trusted financial advice and targeted support. If these tools aren’t available, people may turn to unregulated or less secure sources, putting their retirement plans at risk.
The ABI is calling on the Government to unlock the full potential of dashboards by publicly reaffirm its commitment to enabling private sector dashboards; provide an indicative timeline for application windows and key milestones; work with regulators so that savers are able to take action with their pensions after using a private sector dashboard, in an environment that is safe and useful.
ABI policy adviser Emily Mae Collins says: “Private sector dashboards would be perfectly placed to complement the MoneyHelper dashboard. While MoneyHelper’s dashboard will fundamentally change how people view and engage with their pensions savings, private dashboards will provide the tools to act.
“Integrating dashboards into the apps and services consumers already use can dramatically increase reach, and support people to understand their pension in the context of their wider finances. Before long, the rules should also enable people to make changes and do so safely – whether that’s saving more, consolidating pots, or accessing advice and new forms of support. Together, public and private sector dashboards can ensure that everyone, no matter where they are in their pensions journey, has the resources they need to plan for a better retirement.”
