Pension Dashboard  

Government told to take leading role in pensions dashboard

Government told to take leading role in pensions dashboard

The government will have to take a "leading role" in delivering the pensions dashboard if the project is to achieve universal coverage, it has been claimed.

The Institute and Faculty of Actuaries (IFOA) said consumers and the government had "much to gain" from successful pension dashboard. 

But to achieve this the IFOA asked the government to commit to a leading role in the project, as part of a consultation it said should be seen as the "first step towards a bolder plan" for financial education engaging savers with retirement planning.

John Taylor, president-elect at the IFOA, said the onus would be on the government to compel all pensions providers to participate in the dashboard.

He said: "We recognise that this will be complex and could impact the project timeframe.

"However, taking the necessary time to get this right will be crucial to the project’s success, and is clearly in the public interest.

"A dashboard which only provides a partial picture risks damaging public trust in the tool, and in pensions more generally."

Mr Taylor said he believed pensions dashboards would be an "essential wake-up call" to those workers "sleepwalking towards an underfunded retirement".

He said: "Pensions dashboards will help individuals understand their pension savings and the options for achieving an adequate income in later life.

"Embedding a strong savings culture will help to reduce individuals’ future reliance on state provision, with benefits to all taxpayers."

Last week the Chartered Institute for Securities & Investment called on the government to be transparent about the cost of the new pensions dashboard from its outset, also expressing concerns over who will be expected to fund the set up and maintenance of the dashboard.