Provision of data to the pensions dashboard "needs to be compulsory", the Association of British Insurers has suggested.
Speaking at the Pension and Lifetime Savings Association's Local Authority conference, ABI deputy director Rob Yuille stated: "if we want this [pensions dashboard] to work it needs to be comprehensive, it needs to be made compulsory".
When asked what the UK's pensions dashboard can learn from similar platforms globally, Yuille stated that the "number one lesson from other countries is to make it compulsory". The construction of a comprehensive product is made a lot more attainable if the provision of data is made compulsory, it was noted.
Yuille added that the dashboard needs to be "tightly regulated" to ensure data is correct and that information isn't manipulated by scammers and people mis-selling data. He said that this has been discussed with The Pensions Regulator and the Financial Conduct Authority and they are "largely on the same page as us with this".
Also speaking in the briefing, PLSA senior policy advisor Matthew Burrell shared the view that there should be rules regarding the way in which data is provided, "or it could lead to the next mis-selling scandal", he said.
The pensions dashboard prototype was released in April and is now in the demonstration phase until the end of May with a series of demonstrations of what the product could look like being shown around the country.
Last month it was reported that Economic Secretary to the Treasury Simon Kirby was in discussions with Pensions Minister Richard Harrington over officially enforcing data provision to the dashboard.
