Pension Dashboard  

More than 50,000 ask McVey to legislate on dashboard

More than 50,000 ask McVey to legislate on dashboard

Nearly 52,000 people have signed an open letter to the work and pensions secretary Esther McVey, asking her to legislate on the pension dashboard.

The letter, which is hosted by campaign group 38 Degrees, is asking the government to legally require all pension providers to sign up for the project.

The signatories are also demanding state pension data be included in the dashboard and that the project provides clear and neutral information about the individuals’ pensions.

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The pension dashboard, which is due to launch in 2019, aims 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.

Last month the government said it would let industry take the lead on the project after it emerged in July Ms McVey had made moves to kill off the project, saying the service should not be provided by the state.

The letter said: "Many of us will have several jobs over our working life. That means we will build up lots of different pension pots, making it hard to keep track of our hard-earned cash.

"In 2016 the government promised to provide a public service - called the ‘pensions dashboard’ that would help us keep track of our pensions. But experts have said that unless it includes all our pensions, including the state pension, it will be ‘useless’."

Last month it emerged more than 20 pension providers and administrators were demanding "a firm stance on compulsion" from the government on the pension dashboard after coming together to discuss the project.

Stephen Lloyd, Liberal Democrat spokesman for work and pensions, also join the choir of voices demanding legislation.

Mr Lloyd said he welcomed comments from pensions minister Guy Opperman and Ms McVey at the Conservative Party conference that they supported the dashboard.

But responding to recent initiatives by the industry to promote the dashboard, he said "it is clear what the key stakeholders want, and what the direction of travel is".

He said: "This is just another example of the government refusing to listen to experts.

"Only the government can legislate to compel private companies to provide information to the dashboard, making it a robust, comprehensive platform.

"Giving this task to the industry itself offers no guarantee of compliance."

maria.espadinha@ft.com