consolidated in one place. A staggering two-thirds of respondents felt that they would be a useful financial monitoring tool and this positive response was particularly prevalent within the younger demographic.
Most support was shown for the tool being government-backed as only 47% of responders stated that they would be worried about the security of their data in this scenario, as opposed to a staggering 65% who would have the same fears should a private company run the dashboards. The issue of data security along with the accuracy and transparency of information were a few of the concerns surrounding potential pension dashboards, with scepticism towards the idea of companies attempting to use the dashboards as a platform to advertise and coerce people into buying goods. The results show that 29% of respondents had more than one pension and that those with multiple pension schemes were concerned about locating details for all of their pensions, both current and historic. There were understandably higher levels of support for the dashboards amongst these people and from those who had regularly moved jobs, resulting in a plethora of pension schemes.
The government formulated a response to the consultation on pensions dashboards back in April 2019 and there is yet to be a date announced for the official introduction of the tools.
Back to Contents
Pensions Dashboards unlikely to be delivered this year 7 January 2020
Former Pensions Minister, Steve Webb, has advised that it is highly unlikely that the eagerly anticipated pensions dashboards, as referenced in the Queen’s Speech, will be delivered this year.
The implementation of the dashboards has fierce industry-wide and government backing but the complex technology behind it is unlikely to be delivered “any time soon” according to Sir Webb. Due to the general election that took place in December, the legislation, laid out within the Pension Schemes Bill, has been delayed which has meant that the ambition of the 2016 Budget to design, fund and launch pensions dashboards by 2019 has sadly not been realised. As reported by Pensions Expert, Sir Webb did confirm that he believes that the Pension Schemes Bill will be revisited in 2020, with significant focus placed on the creation of pensions dashboards, but that the primary legislation could take most of 2020 to reach the statute book. This could then be followed by a long period of consultation on regulations and secondary legislation to lay out the requirements of providers and the industry in general, along with discussion surrounding the functionality and appearance of the dashboards. He said: “One of the main measures in the pensions bill will be legislation to implement the long-awaited pensions dashboard. The main measures require pension schemes and pension providers to supply data to the dashboard, as well as making it possible for state pension data to be displayed as well. But we should not expect to see a comprehensive dashboard any time soon.
Once the legislative work is complete, we are likely to see an early batch of data loaded on to the dashboard, mainly from more modern automatic-enrolment schemes offered by insurers and master trusts.
After this, it is likely to be several more years before a lot of the older data from company and private pensions will be visible on the dashboard. But 2020 should at least give confirmation that the project is going ahead and enable the whole industry to focus on delivering it.”
Back to Contents
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 604 of 629
Made with FlippingBook - Online magazine maker