Pensions Dashboards and the introduction of the Money & Pensions Service
The Department for Work and Pensions has published its response to the consultation on pensions dashboards, setting out its proposed way forwards in turning the concept into a service for everyone to use.
Details released by the Government include:
- A commitment to bring forward legislation at the earliest opportunity to compel all pension providers to make consumers’ data available to them through a dashboard;
- An expectation that the majority of schemes will be ready to ‘go live’ with their data within a three to four year window;
- Confirmation that State Pension information will be included as soon as possible;
- Confirmation that private sector dashboards will be developed alongside a non-commercial one;
- Dashboards will help to reconnect people with ‘lost’ pension pots, benefitting savers and providers.
Work and Pensions Secretary Amber Rudd said that she is looking forward to seeing the first industry dashboards later this year. The idea is that savers will be in the driving seat with all the facts and figures about their pensions and potential retirement income at their fingertips in one place for the first time - on smartphones, tablets and computers.
Ministers support the development of multiple industry-led dashboards displaying the same basic information. Industry have told government that initial models will be developed and tested from this year.
A non-commercial dashboard will be delivered and overseen by the Money and Pensions Service or MAPS (the new name for the Single Financial Guidance Body which brings together the Money Advice Service, The Pensions Advisory Service and Pension Wise into one single organisation).
An industry delivery group will be brought together by MAPS which will set out a clear timetable and roadmap to drive progress towards fully operational dashboards, setting standards and ensuring security to protect users and their information.
Read the government’s response to the pensions dashboards consultation.
Click here to go to the new Money and Pensions Service (MAPS) website.