Pension providers urge UK government to accelerate dashboard work
The UK government should provide a clear direction for how to deliver a proposed nationwide pension dashboard, major pension providers and administrators have concluded.
During a meeting organised by fintech firm Origo – which has developed a large-scale prototype of the dashboard – senior staff representing more than 20 organisations, showed a common desire for the government to provide guidance on terms of compulsion, inclusion of state pension data, governance and digital identity.
In a statement detailing the meeting, Origo said attendees had examined an approach that would “protect pension savers and personal information” and “harness the best of industry innovation”, as requested by Guy Opperman, the minister for pensions and financial inclusion.
Participants called for the Department of Work and Pensions (DWP) to conclude and publish its feasibility study as soon as possible, to ensure that the industry had a complete understanding of how much support it would receive from government as well as the practicalities of government facilitation.
They also emphasised the importance of a suitable governance structure, which should be established quickly, Origo said.
Attendees also highlighted that the government had to legislate to ensure the whole industry was fully compelled to participate in providing data to the dashboard.
Anthony Rafferty, managing director of Origo, said he would be updating the DWP as well as Frank Field, the chair of parliament’s work and pensions select committee, on the discussions and the perspectives on the practicalities of delivering the pensions dashboard.
UK providers have expressed concern about the delivery of the dashboard since reports emerged over the summer that the DWP was considering dropping its support for the project.
In July, the government made clear that it had not committed itself to a timetable for the roll-out of the pensions dashboard, despite previously expressing strong support.