Pension Dashboard  

Pension dashboards to offer access to advisers

Pension dashboards to offer access to advisers

Savers will be able to delegate their pension dashboard access to their financial adviser, the government's feasibility study revealed.

The Department for Work & Pensions (DWP) today (December 3) published a consultation on its plans for the project, which includes the creation of multiple dashboards, which will be the responsibility of a delivery group.

The Financial Conduct Authority (FCA), which will be part of this group, will have to work on appropriate assurance of the identity and professional status of delegates before any of them can access customer data, the DWP stated.

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The plan behind the pension dashboard, which is due to launch in 2019, is to allow savers to see all of their retirement pots in one place at the same time, giving them greater awareness of their assets and how to plan for their retirement.

In September, the government appeared to backtrack on the pension dashboard stating it would let the industry take lead on the project as it shied away from committing to force providers to submit client data.

FTAdviser reported last year that fintech company Origo developed a functionality that allows financial advisers to access a client's pension dashboard.

National advice firm LEBC calculated that opening up dashboard access to advisers will cut the cost of advice by up to £400.

The DWP stated that the FCA will have a role in working with the industry-led delivery group to agree detailed standards on the presentation of information and functionality in the dashboard model.

It will be for the industry-led delivery group, working with the regulators, to agree the timing and careful management of a phased implementation, it said.

The government argued that one of the key objectives for the dashboard "is to help smooth the process of seeking advice and guidance, by making it easier for people to gather all of their information online, when they choose to do so".

Due to this, one of the government's goals is for the platform to signpost to impartial guidance or regulated advice.

More advanced features such as displaying scheme charges, enabling robo-advice, and transfers or consolidation of pension pots "may be inappropriate for dashboards' initial implementation phase".

The government is also against the dashboard displaying cash equivalent transfer values for savers with defined benefit (DB) schemes, since it "might unduly encourage those members to seek to give up generous DB pension rights when it may not be in their best interest to do so".