Government is committed to delivery of Pensions Dashboard
“Origo is delighted to see the Prime Minister and the Minister for Pensions and Financial Inclusion both re-affirming that the Government is committed to ensuring the delivery of Pensions Dashboards and welcoming the industry’s own commitment to this important initiative."
“There is no doubt in my mind that Pensions Dashboards will be instrumental in helping people to become more engaged with their pensions and also their retirement planning. With suitable controls and combined with education, guidance and advice Pensions Dashboards can be a massive catalyst to help consumers prepare for, and equally importantly, enjoy their retirement.
“Furthermore, we believe that Pensions Dashboards will be a foundation for innovation with the long-term savings industry and will be one of the biggest catalysts to engagement the industry has ever had.
“The industry has the right technology already developed and ready to make Pensions Dashboards a reality in a short space of time, certainly within 2019 if that is the timescale set by Government.
“We believe there are four key issues that now require strong Government leadership and further detail and so that the industry can deliver the Pensions Dashboard:
- A requirement for compulsory scheme participation. This would enable delivery of a Dashboard with access to all pension data, making it more useful and so more valuable to the UK consumer;
- A need for Government leadership on Digital Identity. Trust and security are fundamental to consumer confidence in using the Dashboards;
- A need to include the State Pension. This can make up a large proportion of an individual’s retirement finances;
- A requirement for suitable governance to ensure the right decisions are made, fairly, in the interests of the UK citizen.
“With what is now a clear momentum behind Pensions Dashboards, we hope we can see speedy progress made on this innovative project and exciting prospect for UK pension holders.”