Pension Dashboard  

Pension dashboard could be a 'white elephant'

Pension dashboard could be a 'white elephant'

The pension dashboard project will only work if the consumers are the top priority, warned Darren Philp, director of policy at workplace pension provider The People's Pension.

He said “Put the consumer first and the dashboard will be a success. Deviate from this principle and it will be a white elephant.”

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.

Article continues after advert

Mr Philp argued that the project “has real potential to revolutionise retirement planning”.

He said: “The dashboard is to answer the simple question of what pensions savings have I got and where are they?

"If we focus on the consumer, introduce strong regulation, and ensure good coverage, the dashboard will be a success."

In October a project group, managed by the Association of British Insurers 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.

The Department for Work & Pensions (DWP) has taken over the lead in this project from HM Treasury, and will present a feasibility study on the dashboard in the spring, which is very welcome news, according to Mr Philp.

He expects to see progress made on this project next year.

The government will legislate on the pension dashboard if it is "appropriate and necessary" to bring pension schemes and providers on board, pensions minister Guy Opperman revealed last year.

At the workshop sessions, industry experts told the government that the project should be phased-in and be accessible first-hand to people at retirement.