Pensions Dashboard
Pensions Dashboard Development 24 January 2018
The Pensions Dashboard project continues, now under the wing of the Department for Work and Pensions (DWP), instead of HM Treasury.
The Minister for Pensions and Financial Inclusion said in a speech at the Pensions Dashboard Development Day in December 2017, that the government is committed to making the pensions dashboard happen, and that the responsibility transferring to the DWP from HM Treasury makes sense, “we have responsibility for the legislation and the State Pension (a key component to any dashboard).”
Following the news that the DWP will take forward development of the Pensions Dashboard, Huw Evans, Director General of the Association of British Insurers, said:
"I am delighted the pensions dashboard is being taken forward by the Government and that the hard work of the ABI and our partners to deliver a prototype will now be continued. A pensions dashboard is vital to helping workers keep track of their pension savings as they move employment as well as helping them track down lost pension pots likely to be worth billions in total. The long-term savings industry will work closely with the Government on the next steps to help make this scheme a success for customers."
Guy Opperman also said in his speech:
“Whether it’s the experiences of other countries or qualitative user research, there is growing evidence for some form of compulsion to bring about a complete dashboard in a reasonable timeframe. But there are different ways of approaching this – the Swedish example is an interesting one, where legislation was, in the end, not necessary. The DWP feasibility study is looking into the detail of all this and we will explore the user perspective and the requirements and concerns among industry. If it is appropriate and necessary to legislate to bring schemes on board within a reasonable timeframe, we will do so.
It is time to bring pensions into the digital age.”
The ‘Pensions Dashboard Project’ published a paper in October 2017 ‘Reconnecting people with their pensions’; it’s ten recommendations for the Dashboard are as follows:
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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