A new pensions dashboard, which will allow savers to see all of their private and workplace pension investments in one place online, has been given the go-ahead by the government.
The creation of such a portal was first announced in the March 2016 budget, with a preview unveiled to the public in April of this year. Since then, the project has sought the input of pension firms, tech companies and regulators.
Pensions minister Guy Opperman has now confirmed that the “revolutionary” IT project, slated for launch in 2019, will be driven forward by government and overseen by the Department for Work and Pensions, rather than the treasury.
“I am delighted the government has made a decision that the pensions dashboard will definitely go ahead,” he revealed in a keynote speech at the Pensions and Lifetime Savings Association conference in Manchester.
“It has been decided that the DWP will take forward the pensions dashboard project.
“A well-designed and thought through pensions dashboard has the potential to enhance consumer engagement and help people make better decisions.
“But the needs of the consumer must be at the heart of any design – we want to maximise people’s engagement in their pensions while maintaining their trust.
“We will ensure that consumer interests are properly safeguarded and their information protected. We want to ensure maximum industry participation and will be working with them to that end.”
“The Department for Work and Pensions will initially lead a feasibility study to consider all the aspects. We want to analyse what work has been done far over the next three to four months.
“In terms of data these parts are not simple and will take some time. But we will take this work on at pace and aim to provide a much fuller update in the spring of next year. Make no mistake, the dashboard will happen.”
Pensions dashboard – the expert view
Scottish Widows head of policy Pete Glancy said: “We’re really excited about the potential the dashboard has to enhance consumer engagement and make retirement planning easier.
“However, for the dashboard to be a success there mustn’t be any gaps; users must be able see all their pensions, including the State Pension, occupational pensions and personal pensions.
“People using the dashboard as the source of truth for their pensions are easily going to lose confidence in the system if some schemes or plans are missing.”