Opperman evasive on pension dashboard launch

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Opperman evasive on pension dashboard launch

The minister for pensions and financial inclusion hasn't guaranteed the pension dashboard will be ready to launch in 2019.

Speaking at the Pensions and Lifetime Savings Association (PLSA) annual conference in Liverpool yesterday (18 October), Guy Opperman was questioned by FTAdviser on the timeline of the project.

He said: "We are doing a feasibility study soon, and I realise that in Parliamentary language 'soon' can stretch, but I certainly think there is much we can be doing in 2019."

The pension dashboard is supposed to launch in 2019 and would 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 the industry take lead on the project and shied away from committing to force providers to submit client data.

So far, the Department for Work & Pensions (DWP) has spent about £100,000 on the dashboard feasibility study, which was originally tabled to be published in March, and is expected to be published shortly.

Yvonne Braun, director of policy of long-term savings and protection at the Association of British Insurers (ABI), argued there is much that can be done for the development of the dashboard in 2019.

She said: "One of the things we really need is clarity about what sort of entity or governance entity is actually going to be responsible, for example, for commissioning the IT infrastructure responsible for setting the data standards.

"I think all of that can be set up, but I don't think it can be set up in a room completely without DWP involvement. It needs some kind of government blessing."

Mr Opperman explained the process of setting up the pension dashboard is complicated because "there is an awful lot of moving parts".

He said: "I have to come up with the appropriate governing structure, which is appropriate for what we are trying to take forward."

Mr Opperman argued that Flood Re – a joint initiative between government and insurers, which aims to make the flood cover part of household insurance policies more affordable – and open banking are two models similar to what the government is trying to achieve with the pensions dashboard.

He said: "I am very hopeful we will have results relatively soon."

maria.espadinha@ft.com