(Parliamentary Under Secretary
of State for Pensions & Financial
Inclusion): Pensions dashboards will give consumers
information about their pensions savings from multiple sources
through an online service. Consumers will be empowered by the
presentation of information, helping them to engage with their
pensions savings. It will support informed decisions and prepare
the consumer for the transition between working age and
retirement.
Conscious of the complexity of this project, my department has
undertaken an extensive study of the elements required of
pensions dashboards. The government believes that dashboards will
deliver for savers, and today we have published the feasibility
report so starting the process of consultation.
It is my firm belief that industry is best placed to finance and
deliver this project and to create a technical dashboard
infrastructure. This will advance a range of dashboard options.
The Government has listened to views that suggest compulsion is
needed to maximise pension scheme participation in a reasonable
timeframe. We propose to act to deliver this legislation, when
parliamentary time allows, and following the creation of a robust
delivery model with the appropriate governance. It is not our
proposal to compel all schemes to provide data – we have outlined
limited exemptions. We will work with the regulators and industry
to help ensure responsibilities to protect consumers are upheld,
whilst ensuring the safeguarding of consumer data.
We have met with the Chair and the Chief Executive of the Single
Financial Guidance Body. We believe that this body is ideally
suited to oversee the industry delivery group. It will bring
together industry representatives, FinTech and consumer
organisations to ensure successful implementation. We propose
that a non-commercial dashboard, hosted by the Single Financial
Guidance Body, will offer an impartial service to those for whom
there is not a commercial offering.
It is a continued priority of this government, with the support
of the pensions, financial services and consumer community, to
restructure the UK’s pension savings culture against the backdrop
of a new generation of savers. Dashboards will build upon the
successful introduction of Automatic Enrolment, which has led to
almost 10 million people either newly saving or saving more
towards their retirement.
We are confident that the ‘Working together for the
consumer’ document, published today, demonstrates the
government’s and the department’s strong and sincere belief that
pension dashboards have great potential to transform the pensions
landscape for the consumer’s benefit. We look forward to
receiving your feedback and proposals as to how government can
best facilitate an industry-led delivery of this online service.
