1. The importance of DWP concluding and publishing its Feasibility Study as a matter of urgency. This will ensure that industry has a complete understanding of the practicalities of Government ‘facilitation’. 2. The importance of doing this within a suitable governance structure which should be established quickly. All participants want to see governance properly addressed. Discussions explored industry views on shape and size of the governance function and the expectations in respect of costs. 3. A requirement for Government to legislate to ensure the whole industry is fully compelled to participate. A firm stance on compulsion is required for the initiative to be successful for consumers.
Anthony Rafferty, Managing Director of Origo, said:
“With Government willing to back the industry to take the Dashboard forward, and while we await the Department for Work and Pensions’ Feasibility Study due out any time now, the industry has come together to discuss the issues at a practical and realistic level. Whilst there has been a strong message that government involvement is crucial, it has been a day of interesting presentations, discussion and debate and I am very much encouraged by the level of enthusiasm, commitment and drive amongst the industry members present to get the Dashboard up and running and serving consumers as quickly as possible.
I will be updating the DWP on the key discussions and will provide Origo’s perspective on the practicalities of delivering the Pensions Dashboard.
As requested, I will also write to the Chair of the House of Commons Work and Pensions Committee to outline the progress we have made thus far.
Origo has the track record of leading successful collaborative industry projects for the benefit of consumers, as well as wide-spread trust to help lead the timely delivery of a world-class, secure, reliable and cost-effective technological solution. We are absolutely committed to the delivery of the Pensions Dashboard which we believe is an important catalyst for engaging consumers with their pensions.”
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Green light for Pensions Dashboards in 2019 8 April 2019
Pensions dashboards which will revolutionise retirement planning have been given the green light by the Work and Pensions Secretary, with initial industry models expected this year.
Amber Rudd has unveiled proposals to support industry to deliver free, user-friendly services showing people their pensions information online.
Savers will be in the driving seat with all the facts and figures about their pensions and potential retirement income at their fingertips in one place for the first time - on smartphones, tablets and computers.
The Government has published its response to the consultation on pensions dashboards which includes the key details of its plans, which include:
• a commitment to bring forward legislation at the earliest opportunity to compel all pension providers to make consumers’ data available to them through a dashboard • an expectation that the majority of schemes will be ready to ‘go live’ with their data within a 3 to 4 year window • confirmation that State Pension information will be included as soon as possible • dashboards will help to reconnect people with ‘lost’ pension pots, benefitting savers and providers Ministers support the development of multiple industry-led dashboards displaying the same basic information. Industry have told government that initial models will be developed and tested from this year. A non-commercial dashboard will be delivered and overseen by the new Single Financial Guidance Body (SFGB).
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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