The petition outlines why this important
“The Welfare Secretary Esther McVey wants to "kill off" a new government website which would help millions of people keep track of their pensions throughout their careers, because she thinks it's not the government's job to help. Without it millions of pension pots are at risk of being lost.
According to estimates by the Department for Work and Pensions, 50 million pension pots will be lost by 2050 without an official website to help workers to keep track of savings through their careers.
The website has already been successfully tested, and was due to be rolled out nationally soon. It's all the more urgent because new laws to boost pensions have led to 9 million workers being automatically enrolled on to workplace schemes in recent years.
A huge petition signed by thousands of us will show the government we expect them to keep their promises and continue to roll out the pensions dashboard.”
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Pensions dashboard back on track 6 September 2018
After a period of uncertainty Work and Pensions Secretary Esther McVey has backed the pension industry to deliver the pensions dashboard which was initially set to be launched in April 2019.
It was back in July when Esther McVey first expressed her concerns about the project as she felt that it would distract from the government’s attempt to implement Universal Credit and should not be provided for by the state.
Yesterday Mcvey said “The pensions landscape is transforming and the dashboard offers a great opportunity to give people straightforward access to their pension information in a clear and simple format – bringing together an individual’s savings in a single place online.
It’s clear there is broad support for the concept of a dashboard and its potential to empower those putting money away for their futures.
By taking a leading role, and harnessing their knowledge, industry can develop a dashboard that works for pensions holders – and government will help facilitate this.”
A petition to save the dashboard has over 180,000 signatures
The Department for Work and Pensions said a feasibility study will be expected in due course.
Read more from Pension Age.
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20 major providers discuss taking the Pensions Dashboard forward 21 September 2018
A meeting of minds was convened to discuss how the industry might deliver the Pensions Dashboard, ‘facilitated by Government’, as per the statement from the Secretary of State for Work and Pensions.
Organised by Origo - thought-leaders and developers of a Pensions Dashboard prototype who recently undertook scaled testing of its technology to 15 million citizens – a meeting took place this week with senior decision makers from over 20 major pension providers and administrators. They came together to discuss how the Pensions Dashboard could be made a reality, focusing on giving every UK saver access to the information required to make informed retirement planning decisions.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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