You are here: Home - Retirement - Retirement planning - News -

Pensions dashboard gets backing from government (again)

Written by: Paloma Kubiak
The government has announced it is backing the industry to deliver the pensions dashboard following reports that the scheme could be ditched.

Work and Pensions Secretary Esther McVey said the pensions dashboard – a hub allowing savers to view all their pension savings in one place – will help people make sense of their pensions and plan ahead for the future.

The announcement comes a couple of months after reports suggested McVey had moved to ‘kill off the project’ and an online petition attracted more than 100,000 signatures urging the government not to scrap the plan. Initially, the government confirmed full backing for the project towards the back end of 2017.

McVey said: “The pensions landscape is transforming and the dashboard offers a great opportunity to give people straightforward access to their pension information in a clear and simple format – bringing together an individual’s savings in a single place online.

“It’s clear there is broad support for the concept of a dashboard and its potential to empower those putting money away for their futures.

“By taking a leading role, and harnessing their knowledge, industry can develop a dashboard that works for pensions holders – and government will help facilitate this.”

‘Huge breakthrough after period of uncertainty’

Steve Webb, director of plicy at Royal London, said: “There is much that the industry can do to deliver a dashboard, but only the government can supply vitally important state pension data and only the government can legislate to make sure the dashboard’s coverage is comprehensive. Backed by this renewed commitment by the government, the whole pension industry now needs to work together to drive forward this much-needed initiative”.

Kate Smith, head of pensions at Aegon said: “For the time being we remain cautiously optimistic that government support continues and await the publication of the feasibility study which is key to the industry being able to move forward with developing the dashboard initiative.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

What the August furlough and self-employed grant changes mean for you

From August there will be changes to the government’s furlough and self-employed grant schemes. Here’s what y...
What the August furlough and self-employed grant changes mean for you

Furloughed staff made redundant to receive pay based on normal wages

Furloughed employees will receive statutory redundancy pay based on their normal wages, rather than a reduced...
Furloughed staff made redundant to receive pay based on normal wages

Are you an August £1m Premium Bonds winner?

A woman from Cumbria and a man from outer London have become the latest winners of the life-changing £1m Premi...
Are you an August £1m Premium Bonds winner?

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
‘I thought my renewal quote was good until I compared prices myself’

When buying insurance, we’re always encouraged to shop around for the best deal. But when a seemingly competitive renewal quote...