Pension Dashboard  

Advisers invited to join dashboard project

Advisers invited to join dashboard project

Financial advisers could have a say on how the pension dashboards will be delivered, as the Money and Pensions Service has started recruiting for specialists in the field.

The government backed guidance body announced today (July 25) that the roles in its pension dashboards steering group, which will report to its industry delivery group, should be filled by professionals representing the interests of consumers and stakeholders in the project.

The team will have 12 members, including the steering group chair and Angela Pober, implementation director at the industry delivery group.

Maps' goal is to include representatives from the pensions industry such as pension providers, administrators, trustees and insurers; consumer advocacy groups and think tanks; and people from the fintech and financial services sectors.

Candidates must demonstrate expertise in areas such as consumer advocacy, pensions provision and information, public service delivery, disruptive technology, big data or General Data Protection Regulation, it stated.

They will need to have experience representing the interests of others as a member of a board, and experience representing their views to government and a number of other stakeholders, the guidance body added.

The pension dashboards will ensure people throughout the UK have easy access to key information about what pensions they have, who manages them and what they are worth.

The government confirmed in December it will introduce multiple pension dashboards, with the first one, developed by Maps, expected to launch in 2019.

The industry delivery group, brought together by the guidance body, will set out a timetable for other fully operational dashboards, as well as setting standards and ensuring security across the portals. 

Chris Curry, director of the Pensions Policy Institute, was appointed in June as principal of the pensions dashboard industry delivery group.

He noted that Maps' aim was to have a group that “incorporates the independent expertise of industry and consumer representatives who understand first-hand how people engage with their pensions”.

He added: “We anticipate a high level of interest from both industry and consumer representatives and look forward to bringing together a steering group that will play a key role in delivering a trusted service that enables innovative pensions dashboards, helping people to better engage with their pensions and retirement planning.”

Maps confirmed advisers are invited to apply for a spot but Darren Cooke, chartered financial planner at Red Circle Financial Planning, doesn't believe IFAs will be particularly welcome at the project.

He said: "I suspect one thing they won't be discussing is what a colossal waste of money it will be and should they scrap the whole idea."

The guidance body will accept applications until August 26, after which a shortlisting process will take place with a selection panel made up of the industry delivery group executive, a Maps board member and a representative from the department for Work and Pensions.

Appointments will be announced in the early autumn.

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