Over 20 major pension providers have called on the government to provide clear direction on key elements of the pensions dashboard, including compulsion and state pension data.
At a meeting examining the viability of an industry approach to the dashboard yesterday, 18 September, there was a “common desire” for the government to direct the industry on “compulsion, inclusion of state pension data, governance and digital identity”.
Earlier this month, the government announced that it wanted the pensions industry to take a leading role in the development of the dashboard, facilitated by the government, after concerns that the Work and Pensions Secretary, Esther McVey, was seeking to “kill off” the project.
According to Origo, which organised the meeting, the government's feasibility study is needed as a “matter of urgency” in order to get a full understanding of the government’s “facilitation”. The government said it would be publishing the feasibility study “in due course”.
Origo managing director, Anthony Rafferty, said: “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.”
Attendees also noted the importance of implementing a suitable governance structure, as well as the need for government legislation to ensure industry compulsion.
“I will be updating the DWP on the key discussions and will provide Origo’s perspective on the practicalities of delivering the pensions dashboard,” Rafferty added.
“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.”
In June, Origo successfully scale tested the pensions dashboard to accommodate 15 million active consumers finding their pensions via the platform.