More than 20 pension providers and administrators are demanding ‘a firm stance on compulsion’ from the government on the pension dashboard after coming together to discuss the project.
In the meeting hosted yesterday (18 September) by fintech provider Origo, providers agreed the government will need to legislate to "ensure the whole industry is fully compelled to participate".
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.
Earlier this month, the government said it would let the industry take lead on the project and shied back from committing to force providers to submit client data.
The pension firms said the project should have a suitable governance structure, and that this should be established quickly.
The providers also agreed on the importance of the Department for Work and Pensions (DWP) publishing its delayed feasibility study on the project as a matter of urgency to ensure the industry has a complete understanding of the practicalities of facilitation.
FTAdviser reported earlier this month that DWP has spent about £100,000 so far on the study, which was originally tabled to be published in March, and is expected to be published shortly.
According to Anthony Rafferty, managing director of Origo, the goal of the meeting was for the industry to come together to discuss the issues at a practical and realistic level.
He said: "Whilst there has been a strong message that government involvement is crucial, it has been a day of interesting presentations, discussion and debate and I am very much encouraged by the level of enthusiasm, commitment and drive amongst the industry members present to get the dashboard up and running and serving consumers as quickly as possible.
"I will be updating the DWP on the key discussions and will provide Origo’s perspective on the practicalities of delivering the pensions dashboard."
Mr Rafferty will also be writing to Labour MP Frank Field, the chair of the Work and Pensions select committee, who asked to be updated on this matter.
maria.espadinha@ft.com
