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The UK government has pledged to take the lead on developing a “pension dashboard” to allow individuals to see all of their savings through one portal.

Speaking at the Pensions and Lifetime Savings Association (PLSA) conference in Manchester yesterday, Guy Opperman, minister for pensions and financial inclusion, pledged that the Department for Work and Pensions would take forward work on the project “at pace”.

“Be in absolutely no doubt: The dashboard will happen,” Opperman said.

The project has been pushed forward by industry bodies so far, with the Association of British Insurers (ABI) leading work on a prototype.

The ABI co-ordinated work between pension providers and technology firms to attempt to address data issues and other hurdles to displaying all an individual’s savings and pensions in one place.

Huw Evans, director general of the ABI, said a dashboard was “vital to helping workers keep track of their pension savings as they move employment as well as helping them track down lost pension pots likely to be worth billions in total”.

Graham Vidler, director of external affairs at the PLSA, said: “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.”

Guy Opperman speaks at the PLSA conference

Guy Opperman MP

The Pensions Regulator also backed the project. Darren Ryder, director of automatic enrolment, said: “The work to date is also a clear demonstration of what industry can achieve when it works together and showcases the huge benefits the pensions industry could get from the application of such technology.”

The People’s Pension, one of the UK’s leading defined contribution providers, has been a vocal supporter of the dashboard concept. Darren Philp, director of policy, described the government’s support as “an important milestone”. 

“While there are still significant challenges to overcome, this is a substantial step to help bring people closer to their pensions,” he added.

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  • Guy Opperman

Readers' comments (1)

  • When the Pensions Regulator gets to grips with the state pension then we might be getting somewhere because there are over 500,000 pensioners defrauded by the DWP Mr Opperman who deserve fair treatment and equality with the majority of pensioners. Just 4% of pensioners worldwide are denied their rightful pension indexation and have been treated this way for decades not just a few years and you should bring out the new broom that you were supplied with on becoming pensions minister to end the shameful discrimination that has been condoned by your predecessors ! Are you a man or a mouse and will you do the honest and just thing by proposing a move for equality. Your character is in jeopardy for a right decision and do it now !

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