£5million boost for Pensions Dashboards project
In the Budget, the Treasury announced a £5million boost in funding for the Pensions Dashboards project. The published statement from the Treasury also confirms that the Pensions Dashboards will now enable individuals to see their State Pension including all other pension pots in one place.
Anthony Rafferty, Managing Director Origo, says:
“Origo is delighted to see the statement in the Treasury Red Book today that ‘The government is taking steps to support the launch of Pensions Dashboards, innovative tools that will for the first time allow an individual to see their pension pots, including their State Pension, in one place’.
“Origo is deeply committed to making the Pensions Dashboard a reality for the UK consumer as a means to help people better engage with their financial information and plan for their retirement years. We have already built the technology to securely find and enable retrieval of individuals' pensions data (once their identity is securely verified). We have always said that the Dashboard would be more effective for consumers if they could also see their State Pension on the same page and this now would appear to be the Government’s intention.
“The Treasury paper also says further consultation will be needed with the industry on the detailed design of the Pensions Dashboard and further funding will be made available to help progress the initiative."
The DWP will launch a consultation on the Pensions Dashboard later this year.