The Department for Work and Pensions (DWP) will present a feasibility study on the pension dashboard in the Spring, the minister for pensions and financial inclusion revealed.
Speaking at the Pensions and Lifetime Savings Association (PLSA) conference yesterday (19 October) in Manchester, Guy Opperman said the DWP “will be building on the excellent work of the [Association of British Insurers] ABI, and we will be considering all aspects of timing, data, costs and regulation”.
Mr Opperman said: “We will take this work on at pace. However, you will understand that there are many interested parties, and it is important we get their input.
“Therefore, I propose to provide a much fuller update in the Spring of next year. There will be absolutely no doubt that the dashboard will happen.”
The plan behind the pension dashboard, which is due to be launched in 2019, is to create the technology to enable savers to see all of their retirement pots in one place at the same time, giving them a greater awareness of their assets and how to plan for their retirement.
Mr Opperman announced yesterday that the DWP will take over responsibility for the pension dashboard, after criticism about the Treasury's handling of the policy.
According to Mr Opperman, the DWP will now lead the work in this area, with the support from the Treasury, industry and others, including consumer groups and regulators.
He said: “The need of the consumer must be at the heart of any design. We want to maximise people’s engagement with their pensions, while retaining their trust.
“We must ensure that consumer interests are properly safeguarded, and their information is protected.”
Earlier this month, a project group, managed by the ABI and including 16 industry providers and the PLSA, has set out its recommendations for what should happen next with the pension dashboard, calling for legislation, a timetable and a non-commercial platform.