The pensions dashboard has the opportunity to revolutionise retirement planning by enabling people to access information on all their pensions in one place.
The Society of Pension Professionals (SPP) has been following the development of the dashboard prototype with great interest, and we have been impressed with the progress made so far.
However, the hard work is just beginning and some key decisions will need to be made over the coming months for the dashboard to be effectively delivered.
Also, its success will be predicated on whether it truly provides consumers with a useful tool in helping them achieve a better retirement outcome. We need to be wary of the potential for scams and comply with the highest standards of data protection.
Meanwhile, proper regulation and protections need to be in place so consumers can use any dashboard with confidence.
We also need to make sure that all voices are being heard in the development of the dashboard. Whether you are an administrator, pensions manager, or trustee, the dashboard will ultimately affect you and your scheme.
However, key questions remain about coverage and whether compulsion and/or regulation is necessary to make it happen. There are also questions about data quality that will be tricky for some schemes to resolve.
SPP members are at the forefront of shaping the dashboard and are committed to making it work. While there are significant obstacles still to overcome, we believe the dashboard’s potential, if done properly, is enormous.