The pensions minister has guaranteed the government will force schemes to provide data for the pension dashboard, but admits he still has doubts about the timeline for such a move.
In a debate yesterday (February 6) in Parliament, Guy Opperman stated more details on this matter will be revealed in the Department for Work & Pensions (DWP) response to its dashboard feasibility study consultation, which he expects to publish in mid-March.
The pension dashboard project will 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.
The first one, a non-commercial service hosted by the Single Financial Guidance Body (SGFB), is expected to be launched this year.
Mr Opperman said: "There can be no doubt […] that compulsion is coming, and that the only issue is the timeline.
"Certain providers could provide the data quite quickly. By and large, they know who they are, because they are the modern master trust providers that are already up to speed. Others will take longer."
He noted, however, that there is a legitimate debate to be had in Parliament as the pension dashboard Bill is introduced.
MPs should discuss whether a specific time limit for data provision is put in place, or whether that is done in secondary legislation, and with merely indicative outlines, he noted.
Several parties have replied to the government consultation.
In its submission, the Institute and Faculty of Actuaries (IFOA) argued that the government will have to take a "leading role" in delivering the pensions dashboard if the project is to achieve universal coverage.