UK government presses ahead with pensions dashboards

UK government presses ahead with pensions dashboards

A long-awaited feasibility report into pensions dashboards and proposals for implementation have finally been released.

New free, user-friendly pensions dashboards would allow savers to access their information from most pension schemes in one place online for the first time, according to the UK government.

Guy Opperman, minister for pensions and financial inclusion, said: “Pensions dashboards are another major milestone in our radical pension reforms, harnessing innovative technology to benefit savers. Plain pensions information at the touch of a screen will ensure better-informed, more engaged savers and help many more people to plan effectively for retirement.”

“Bringing pensions information into the digital age has the potential to revolutionise the way we all think about and plan for later life. People, young and old, should have all the help they need to get ready for retirement and maximise their pension incomes and, working with industry, we will ensure they do.”

Frank Field, chair of the parliamentary work and pensions select committee, commented: “Pensions dashboards could have a transformative effect, by empowering consumers to plan for retirement and by reuniting them with ‘lost’ pension pots. It’s hugely welcome that the government is at last pressing ahead with this crucial project. For dashboards to work for consumers, the right protections must be in place from day one—the committee will be keeping a watching brief on the government’s plans as they take shape.”

Nigel Peaple, director of policy and research at the Pensions and Lifetime Savings Association, added: “The publication of the feasibility report is a significant step forward for the dashboard project. Pensions dashboards will be an essential tool to help savers plan for their retirement. There are a number of important questions which will need to be worked through, such as on governance, compulsion, regulation, the timetable and funding. We look forward to working with the industry, savers and the government to make a success of the dashboard.”

The feasibility study and information about a consultation on the government’s proposals have been published online.

Categories: News, UK Pensions

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