The pensions dashboard is designed to allow pension savers to see all of their pension schemes in one place via a digital interface. The Government has handed responsibility for developing the dashboard to the Money and Pensions Service (MAPS), the single financial guidance body that was launched earlier this year to continue the work previously done by the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MAPS has appointed Chris Curry as Principal of the Pensions Dashboards Industry Development Group and Angela Pober as the group’s Implementation Director. Mr Curry is a former director of the Pensions Policy Institute and Ms Pober has worked for prominent consultancy firms on major IT and change programmes in financial services.
Applications can still be made from any industry or consumer representatives wishing to be part of the 12-strong dashboard steering group. Once applications close on August 26, the successful candidates will be announced in September and the first meeting of the group is expected to be held in October.
New legislation will be required in the form of a Pensions Bill to compel organisations to provide data for the dashboard. It could be four years before the dashboard is fully functional and any individual can log in and see every one of their pension pots, from the state pension to occupational, personal and stakeholder pension plans.
Research has suggested that some people have around a dozen different pension pots by the time they retire, simply because of the number of different companies they have worked for. Some consumers have reported being unaware they had some of these ‘pots’ simply because their retirement savings had become so complex. The advent of auto-enrolment can only increase the number of pension plans an individual might accumulate, and had the Government not commissioned the dashboard it estimated that by 2050 there would have been 50 million dormant pension pots held by UK savers.
The Government also believes that highlighting the existence of all of these pension pots could prompt more people to seek guidance and/or professional financial advice; and could also encourage do-it-yourself pension savers, who would not seek guidance or advice, to put more aside for their retirement.
Work and Pensions secretary Amber Rudd MP said:
“With record numbers saving for retirement as a result of our revolutionary reforms, it’s more important than ever that people understand their pensions and prepare for financial security in later life.
“Dashboards have the potential to transform the way we all think about and plan for retirement, providing clear and simple information regarding pension savings in one place online. I’m looking forward to seeing the first industry dashboards later this year.”
The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware the facts, circumstances or legal position may change after publication of the article