Pensions dashboard must be ‘all singing, all dancing and all inclusive’ – Butcher

The pensions dashboard must be “all singing, all dancing and all inclusive” when it is launched, PTL managing director Richard Butcher has said.

Speaking to Pensions Age, Butcher noted that in order to ensure all possible risks are mitigated, the dashboard needs present a complete picture of savers’ pensions.
“To land well the dashboard must have all of a members pensions: State, DB, DC and hybrid, both private and public sector,” he said.

Butcher suggested that the launch of the dashboard must not be rushed as it may leave it at a greater risk of failure if it is not able to completely cater to people’s needs and expectations.

“If we were starting a pension system from scratch this would be a cornerstone of its architecture. But we’re not and there is a real danger it’s going to fail, particularly if it’s launched too quickly.

“If the dashboard isn’t like this, for example if it is incomplete or dull, it will lose credibility quickly.”

In addition Butcher noted that as well as including all of a person’s pension information, the dashboard should also include how DC assets are invested so that members can gain “a holistic view of their investment risk.

“All of this data needs to be consistently presented and near to real time.”

While the dashboard is still in its first pilot stage, it is yet to be seen whether the dashboard project will succeed in collating all necessary data to provide a holistic, all-inclusive platform.

Speaking at the PLSA Dashboard seminar last week, Cheviot Trust CEO Ellie McKinnon stated that “2019 seems too soon” for a complete dashboard to be launched.

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