It now seems that the long-awaited pensions dashboard will be implemented, and according to some reports this comes after the personal intervention of the Prime Minister.
It had been widely reported earlier in the year that the project was set to be scrapped, after it emerged that the Cabinet minister responsible for pensions – Work and Pensions Secretary Esther McVey MP – did not believe that it was right for government to have a role in the delivery of the project.
One of the major champions of the dashboard project was Guy Opperman MP, who remains a minister at the Department of Work and Pensions, reporting to Ms McVey. In early September 2018 it was Mr Opperman who confirmed that the dashboard will proceed when he said in a statement to Parliament:
“The work that the Department for Work and Pensions has done in assessing feasibility for a pensions dashboard has made it clear that we should not underestimate the size or complexity of the challenge.
“An industry-led dashboard, facilitated by government, will harness the best of industry innovation.”
Ms McVey commented:
“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.”
The Government is still conducting a feasibility study into whether it is realistic to force pension providers to co-operate with the dashboard project. Some of the largest pension providers – Aviva, Aon, HSBC, LV=, NEST, Now: Pensions, The People’s Pension, Royal London, Standard Life, Zurich and Willis Towers Watson – have already agreed to participate.
The initiative is designed to allow consumers to view details of all of their retirement savings in one place, and 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 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.
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