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Government to lead pensions dashboard project

The Department for Work and Pensions (DWP) will now take the lead on developing the "pensions dashboard", allowing individuals to see all their savings through one portal.

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The announcement was made by Guy Opperman, under-secretary of state for pensions and financial inclusion, in a speech at the Pensions and Lifetime Savings Association (PLSA) Annual Conference and Exhibition in Manchester.

 

Originally announced as an industry-led project, the pensions dashboard will bring all pensions online from 2019, showing individuals what they have saved at different employers, as well as their state pension entitlements. It will integrate data from hundreds of different pension companies along with the government’s National Insurance database.

 

Opperman called the project “revolutionary”. He said: “A well-designed and thought through pensions dashboard has the potential to enhance consumer engagement and help people make better decisions.

 

“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.”

 

Former pensions minister Steve Webb, now a policy director at Royal London, said the industry had “started to despair at the lack of momentum” in the pensions dashboard project, but said the announcement was a huge step forward. “Other countries have had services of this sort for many years and it is time that the UK caught up,” he said.

 

Graham Vidler, director of external affairs at the PLSA, commented: “The announcement that DWP will take forward the pensions dashboard project has the potential to reconnect millions of people with their hard-earned pension savings.

 

"The minister’s support of the Pensions Dashboard is great news for savers – who will be placed at the heart of the project. The dashboard could have a revolutionary effect on the way people engage with pensions, but it needs regulation and strong governance underpinning it. This is a job for government and we are pleased DWP has been tasked with leading the project.

 

“We look forward to working closely with the DWP and other stakeholders on this exciting initiative – bringing pensions into the digital age.”

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