Pension Dashboard  

Opperman to discuss pension dashboard with industry

Opperman to discuss pension dashboard with industry

Minister for pensions and financial inclusion Guy Opperman will be holding a meeting with relevant stakeholders of the pension industry to discuss the pension dashboard.

The Department of Work & Pensions (DWP), which took over the lead in this project from HM Treasury last month, is inviting all relevant stakeholders for a discussion on 11 December.

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.

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Mr Opperman said: “Our ambitious plans for the pensions dashboard will help people better understand their pension and make better decisions about how to fund their retirement.

“I have always been clear that in order for this to best work for consumers we need maximum participation from a broad range of stakeholders, including consumer groups, and will be working with them to that end.

“That’s why I am thrilled to launch what will be a vitally important event for all interested parties.”

In October, Mr Opperman announced that the DWP will present a feasibility study on this project in the spring.

He said that 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”.

Earlier in October, a project group, managed by the ABI and including 16 industry providers and the Pensions and Lifetime Savings Association (PLSA), set out its recommendations for what should happen next with the pension dashboard, calling for legislation, a timetable and a non-commercial platform.

Mr Opperman said: “I am determined to move quickly and effectively on the development of the dashboard so savers are able to benefit from the best possible service.”

Gareth Shaw, money expert Which, said: "While it's right that the government is seeking views on the pension dashboard, as time is running out to deliver this valuable tool for consumers by 2019, but the government must act on feedback with urgency.

"We need to see the government set out a plan to require all pension schemes to feed in the necessary information - including charges - so people can effectively plan for retirement. Without swift action, the great potential of the dashboard could be missed."