Personal Pension  

ABI warns pension dashboard must be scammer proof

ABI warns pension dashboard must be scammer proof

Rob Yuille, manager for retirement policy at the Association of British Insurers, said the trade body is in favour of a pensions dashboard, but said details were still “up in the air”.

The Financial Condust Authority confirmed last March that it is in talks with the government to create a ‘pensions dashboard’, where savers can view all their lifetime pensions in one place.

But Mr Yuille said issues that still need to be resolved before this can happen include who would deliver the dashboard and in what form.

Article continues after advert

Addressing delegates at the FTAdviser Retirement Freedom Forum event in Birmingham yesterday (10 March), he said: “Would it be a provider? Who would be allowed to have one?

“Would it be any registered scheme? Or could anyone deliver one?

“Technology will prompt change in the way we access advice and it might change retirement choice. But while there are plenty of opportunities for technology in the financial services world, there are also risks, so any pension dashboard will need to be completely off-limit to scammers”, he said.

Saresh Shah of Financial Services Gateway Ltd, asked whether the UK could adopt a similar model to that of the US, where a pension dashboard incorporates a variety of income streams.

Mr Shah said: “Retirement income is more than a pension - why can’t the UK bring all of people’s financial information into one place, so they can view it holistically?”

Mr Yuille said the point often comes up in conversations.

“The technology is there but making it deliverable is far harder to do,” he said. “In terms of an industry-led initiative, it would be difficult enough to provide a pensions dashboard let alone a holistic one, but I would agree with the premise.”

His comments came after Which urged the government to use the Budget to introduce a ‘pensions dashboard’.

Also at the event, Mr Yuille said the ABI was in agreement with calls for an independent pensions commissioner, adding that the way in which pension freedoms were introduced has not been sensible and has caused many issues.

He said: “It did not have a realistic implementation. A year is not enough time to implement changes, for the government to legislate and then for the FCA to make rules bases on the legislation.

“This is not just the ABI having a grumble on behalf of its members, but the pace and granularity of these pension changes has proved to be a barrier to innovation - and that was the comment made to me by a fin-tech start-up.

“Moreover, pensions flexibility did not have consistency of approach across public bodies, was not coherent across policy areas and was probably not part of a long-term strategy.”

Missed the Birmingham Retirement Freedom Forum? Follow the debate on #RFFSpring2016