First Minister of Scotland Nicola Sturgeon has said the pensions dashboard will have a “hugely beneficial” impact for the Treasury and the Department of Work and Pensions.

Speaking at the Annual Association of British Insurers Conference today (27 February 2018), Sturgeon declared her support for the pensions dashboard and the positive effect it would have for pension savers with numerous pension pots.

Last Tuesday, the DWP confirmed there was a “strong case for legislation” for the pensions dashboard but stated that in order for the platform to work, it needed to be tailored to the consumer and easy to understand.

When asked about the pensions dashboard and what the Scottish government are doing about fintech in Scotland, Sturgeon said: “The kind of product [the pensions dashboard] you’re developing has got a hugely beneficial impact for the Treasury and the DWP, but as a technology and a platform much more widely within the public sector.

“We are trying to create the right ecosystem for fintech in Scotland. And take an interventionist approach to supporting companies that are active in the fintech field.

“We can play a quite useful role in matching companies up with the public sector where they can sell their services. As the Scottish government, we want to play a strong role in being an enabler [for fintech companies].”

Also in her speech, Sturgeon reiterated her support for staying in the single market and customs union after Brexit, noting the positive impact it would have on the pensions and insurance industries.

“In relation to the pensions industry, I know that one of the key concerns you have relates to other contracts in other parts of the EU, there is a fear that if passporting ends it will become illegal for UK insurers to make payments to claimants based in Germany.

“Single market membership in my view would take away that issue, but if that is not where we end up we will continue to argue for sensible resolutions.

“If necessary we will make a strong case to European agencies such as the Institute of Occupational Pensions [sic - European Insurance and Occupational Pensions Authority], that it is in everyone’s interest across the entire continent that insurance contracts are to retain their legitimacy after Brexit.”

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