Pension Dashboard  

Government finally reveals pension dashboard plans

"This could still work with multiple dashboards, but unless the public are clear on how many there are, multiple dashboards could make it easier for criminals to trick the public into divulging their personal data.

"Security of data will be key to giving consumers confidence to use the dashboard to plan their retirement."

Anthony Rafferty, managing director of fintech experts Origo, said the government has now provided direction on the key topics raised by industry – compulsion, digital identity, inclusion of the state pension and suitable governance.

Mr Rafferty said: "This will provide clarity to pension providers to allow active preparations to commence.

"Today's report takes the industry a step further to delivering a comprehensive, simple, consolidated view of pensions for tens of millions of UK consumers for the very first time.

"The direction set today should be welcomed given the good it will do for all UK citizens in helping them plan for retirement, find lost pots and in helping to address the savings gap."

But Jon Greer, head of retirement policy at Quilter, pointed out this clarity has come quite late in the day.

He said: "With the feasibility study we start the next chapter in the dashboard saga. It has been a long drawn-out process to reach this point, so there will be some exasperated relief that the study has finally been published and government have pinned their colours to the mast ahead of 2019.

"The government have decided to allow both industry dashboards and a non-commercial dashboard hosted by the Single Financial Guidance Body. However, all the information will be gathered by the Pension Finder Service, to which schemes will be required to provide their data too.

"In theory, the approach sounds sensible and has its merits. Interestingly, the DWP have concluded the SFGB will convene and oversee the industry delivery group. This adds another element to their already over flowing plate, before they have even started."