There is a "very strong case for legislation and compulsion" on the pension dashboard but new rules might not come anytime soon due to Brexit, a director at the Department for Work & Pensions (DWP) has warned.
Speaking at the launch of a report on the pension dashboard in London today (20 February), Julie Gillis, who is leading the pension dashboard feasibility study at the DWP, confirmed the government in looking at the possibility of forcing providers and pension schemes to share pension data.
The goal is to set up rules for the format and shape of data to be shared in the dashboard, she said.
However, "even with legislation we are looking at other opportunities, because with Brexit it will take time" to get the new rules discussed in Parliament, Ms Gillis revealed.
She added: "We want to be pragmatic and see how we can work with industry."
With a deadline for the UK to leave the European Union in 2019, there has been limited availability in Parliament to discuss other legislative matters.
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.
Ms Gillis said that since the DWP took over the project from HM Treasury, it has been focusing "very much on users," and looking at what other countries have been doing in this field.
The DWP is aiming to present its feasibility study on the dashboard at the end of March, she added.
Earlier 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 their recommendations for what should happen next with the pension dashboard.
The group called for legislation, a timetable and a non-commercial pension dashboard platform.
Industry experts have told the government the project should be phased-in and be accessible first-hand to people at retirement.
maria.espadinha@ft.com
