DWP summons industry for dashboard meeting

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DWP summons industry for dashboard meeting

Several pensions experts have been invited to a pension dashboard meeting on Monday (December 3) with pensions minister Guy Opperman, which they hope will finally bring to light the delayed feasibility study.

FTAdviser can reveal the meeting will take place at Portcullis House at 11am, with the invite sent to pension providers being very vague on what will be discussed.

The pension dashboard is supposed to launch in 2019 as an initiative to allow savers to see information on all their retirement savings in one place.

But in September, the government appeared to backtrack saying it would let the industry take lead on the project as it shied away from committing to force providers to submit client data.

In the Budget delivered in October, it was revealed the Department for Work & Pensions (DWP) will launch a consultation on the pension dashboard later this year, and said it will provide £5m for the project in 2019 in 2020.

So far the DWP has spent about £100,000 on the dashboard feasibility study, which was originally tabled to be published in March.

Sir Steve Webb, former pensions minister and director of policy at Royal London, will be attending the meeting.

He said: "We hope to see the long-awaited feasibility study on the dashboard next week, after months of delay. The key things we will be looking for is confirmation that state pension data will be included and that legislation will be used to require schemes and providers to supply data to the dashboard. 

"We also need to see a serious and realistic timetable for the project to be driven forward. This needs to be a firm document, with perhaps a bit of consultation on the fine details, but not yet another major consultation – the time for debating the basic idea is over."

Romi Savova, chief executive of PensionBee, will also be present.

She said: "I am so excited that we might finally get some transparency for UK savers, but it is also important that the project is delivered in an open and honest way."

DWP has been approached for comment.

maria.espadinha@ft.com