Pension Dashboard  

Bill for pension dashboard study hits £100K

Bill for pension dashboard study hits £100K

The Department for Work & Pensions (DWP) has spent around £100,000 so far on the pension dashboard feasibility study, the minister for pensions and financial inclusion has revealed.

In a written answer to Parliament yesterday (6 September), Guy Opperman said that aside from the usual staff running costs, this is the government expenditure of undertaking the study, which was originally tabled to be published in March.

"This covers the period from October 2017 when the department assumed policy responsibility from HM Treasury, to end of August 2018 when we published the written statement," he said.

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Mr Opperman was referring to the announcement made earlier this week, when the government said it would let the industry take lead on the project, but without a commitment to force providers to submit client data.

The plan behind the pension dashboard, which is due to launch in 2019, is to create the technology to allow 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.

According to media reports in July, secretary of state Esther McVey had made moves to kill off the project, saying the service should not be provided by the state.

However, a DWP spokesperson said at the time the feasibility study was proceeding and that the reports amounted to no more than "speculation and rumour".

Meanwhile, September has been identified by some firms as the cut-off point by which the government must have published its feasibility study, or the dashboard may not launch in time to meet its deadline.

In his written answer to Parliament, Mr Opperman reiterated that the study will be published shortly.

He added that government "will engage with industry, consumer groups and other stakeholders to agree timelines for delivery".