Pension dashboard petition gets 80,000 signatures

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Pension dashboard petition gets 80,000 signatures

A petition urging the government to deliver a pension dashboard has surpassed 80,000 signatures, after being launched last week.

Guy Opperman, minister for pensions and financial inclusion, has refused to confirm whether the government will press ahead with the dashboard, after media reports revealed secretary of state Esther McVey, has moved to kill off the project, saying the service should not be provided by the state.

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.

It was originally proposed by former chancellor George Osborne but the government has said the industry should create it and responsibility for the scheme has since moved to the Department for Work & Pensions (DWP).

According to estimates from the government, 50 million pension pots will be lost by 2050 without an official website to help workers to keep track of savings through their careers.

Following last week's reports, a petition was launched on 38degrees on Thursday (19 July), which today (23 July) has 82,225 signatures.

"A huge petition signed by thousands of us will show the government we expect them to keep their promises and continue to roll out the pensions dashboard," the website reads.

The topic will also be debated tomorrow (24 July) in Parliament at the House of Lords, as Lord McKenzie of Luton will be asking what progress the government have made towards establishing an online pensions dashboard.

Since last week’s announcement, several pension experts and bodies have requested the government to continue with the project.

The Association of British Insurers (ABI) urged the government against halt the pensions dashboard at the eleventh hour, saying there was "no credible reason" the project should not go ahead.

On the other hand, former pensions minister Baroness Altmann has criticised the industry for offloading responsibility for the dashboard project to the government.

maria.espadinha@ft.com