Government commits to implementation of pensions dashboard initiative
The government has confirmed that it intends to implement its proposed pensions dashboard initiative, which will allow those saving for retirement to view information from multiple pensions in one place.
According to the government, pensions dashboards will ‘open up pensions to millions’, and ‘provide an easy-to-access online view of a saver’s pensions’.
The Department for Work and Pensions (DWP) has confirmed that it intends to put forward primary legislation that will ‘require pension schemes to make consumers’ data available to them through their chosen dashboard’.
‘The government’s commitment to compel pension schemes to share data with platforms through primary legislation is particularly welcome,’ said Mike Cherry, National Chairman of the Federation of Small Businesses (FSB).
‘Some urgency is now required, and we question the three to four-year timeframe for schemes to prepare data for dashboards. Hopefully once the Brexit impasse is resolved we can move back to addressing more critical domestic issues like this one, not least the UK’s late payment crisis, the spiralling costs of doing business and a regressive business rates regime.’
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