Opperman urges schemes to prepare dashboard data

The Pensions Minister, Guy Opperman, has warned that schemes can't "just wait for legislation", urging them to ensure their data is dashboard-ready.

Legislation for the dashboard, included in the reintroduced Pensions Scheme Bill, will require schemes to provide “secure, accurate and user-friendly data”.

However, industry experts warned last year that early engagement would be key to overcoming the data challenges likely facing the pensions dashboard.

Opperman said: “Pensions schemes can’t just wait for legislation, they need to improve their data quality now so that it is ready.

“Dashboards will help savers therefore it’s in everyone’s interest that pension schemes are getting accurate, up-to-date information in place to help to ensure the new services work well.

“This is consumers’ data and people should be able to see it in one place when they want. Protecting their data will be paramount, and increased online transparency will give savers a greater sense of control as well as improving their understanding and awareness of their pensions.”

Last year, the government rejected recommendations from the Work and Pensions Committee to publish timetable for the rollout of the dashboard, a move which the committee described as “extremely disappointing”.

The Department for Work and Pensions (DWP) published its Pension Schemes Bill Impact Assessment Report last week, which estimated that the implementation and ongoing support for the dashboard could cost businesses up to £1.5bn over the next 10 years.

This also follows the launch of the Money and Pensions Service’s (MAPs) 10-year financial wellbeing strategy, which includes the aim of getting five million further workers saving for later life.

Opperman added: “Record numbers of people are saving for retirement thanks to the government’s revolutionary pension reforms so it’s more important than ever that they understand their pensions and can call on all the help they need.”

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