The DWP this morning published a consultation on the draft rules, setting out what data should be included and how it should be displayed to people.
As part of this the government confirmed advisers will be able to view their clients’ pensions via both government and commercial dashboards, which has been welcomed by the industry.
But there are concerns about the slow implementation timetable, and not all products will not feature on the platforms.
The government has proposed that savers will be able to give regulated financial advisers, Money and Pension Service guidance specialists, and others considered by Maps to be appropriate, direct access to their pensions information so they can seek advice from an authorised person with relevant permissions.
This move has been welcomed by advisers, with Tim Morris, IFA at Russell & Co, saying this will be one of the main benefits of the dashboard.
Morris said: “Making it easier for people to track down and keep track of their pensions is what it's all about. This includes those who work with advisers. It will save time and money so it is definitely worthwhile.”
However, only those holding the right permissions will be granted access. For example, they must have permission to advise on investments and pensions or be able to give pensions guidance. Pension transfer specialists will also be granted access.
The DWP stated: “Not all independent regulated financial advisors will have the correct permissions to offer pensions advice which is why we have specified that only those with this specific permission may be a delegate”.
It is good that the government has heeded this message and that individuals will either be able to give an adviser ongoing access to their data or, at the very least, export their data on a one-off basis so that their adviser can see what pensions they have.Steve Webb
To protect savers, advisers will be put onto the governance register and will have to go through a consent and authorisation process to access an individual's dashboard.
Savers will be able to remove advisers from seeing their dashboard at any time.
The DWP has also set out that savers will be able to export their data from the dashboard, making it easier for them to share it with their adviser.