Industry responds ‘eagerly’ to dashboard consultation

Pension industry members have expressed their excitement for the pensions dashboard in their responses to the government’s consultation, which closes this evening (28 January) at 11pm.

The Pensions and Lifetime Savings Association (PLSA) director of policy and research, Nigel Peaple, said the PLSA “looks forward to working with the government, pensioners and savers on this project, which will be vital in helping people to plan for a financially secure future”.

Smart Pension head of policy, Darren Philp agreed, adding: “The dashboard has the potential to reconnect people with their pensions.

“By providing a one-stop shop for viewing pensions, dashboards can help people plan for their retirement, leading to better decision-making and outcomes.”

To try and ensure its success, Peaple called for a “single, non-commercial dashboard” to begin with, “hosted by the Single Financial Guidance Body” (SFGB).

Philp agreed, saying: “We very much support a non-commercial dashboard being offered by the SFGB. This will be an important pillar in establishing trust in the dashboard.”

However, Philp did not share Peaple’s view on the how many dashboards there should be: “We see the case for other ‘dashboards’, since a one size fits all approach rarely works, and hope that these can come on stream concurrently or soon after the SFGB dashboard goes live."

Both highlighted the importance of the dashboard including data from all types of pension schemes and of the government getting it up and running as soon as possible.

Philp said: “We should aim to have full coverage as soon as possible and certainly within three years.”

Peaple added: “As the most significant source of retirement income for many savers, it’s imperative the state pension is included on the dashboard from the outset.”

He also acknowledged the need for “strong project governance” to “protect the interests of savers and give them confidence that dashboards are a force for good in the pensions industry”.

Philp argued that the government should create a “pensions register”, where all pension schemes would have to “provide some information about whether or not they hold a pension for an individual from day one”.

Although there are reservations, the industry seems excited about the prospect of the dashboard finally becoming a reality.

AFH Wealth Management group head of advice, Austin Broad said: “We’ve been eagerly awaiting the roll out the first pension dashboards and it looks like 2019 will be the year.

“It will undoubtedly mark a step change in the financial planning industry making it easier than ever before for people to review their overall financial position.

“Of course there will be teething troubles as the system settles into the mainstream but anything that helps people keep track of their money is welcome in my opinion."

    Share Story:

Recent Stories

New
New
New

The modern age
Deputy editor Natalie Tuck chats to the ABI’s Yvonne Braun about her work at the ABI and her thoughts on key pension topics

Stepping into the spotlight
Laura Blows speaks to Laird R. Landmann, group managing director and co-director of fixed income at US-based TCW, about the opportunities TCW can provide for UK pension funds