Theresa May gives pensions dashboard the green light
Prime minister Theresa May has thrown her support behind the development of a pensions dashboard, which will allow savers to view all of their pension savings in one place.
The development of the dashboard will be industry-led, and it is hoped that the first iteration will launch in 2019.
Speaking to ITV, May said: “Bringing pensions online will transform retirement planning – giving people straightforward access to all their pension information in one place.”
“I welcome the industry’s commitment to make this new technology a reality,” she added.
The findings of a feasibility study on the pensions dashboard, commissioned by the government, will be presented by pensions minister Guy Opperman in parliament on Monday.
He hopes that the initiative will enable more people to plan effectively for retirement.
“Bringing pensions information into the digital age has the potential to revolutionise the way we all think about and plan for later life,” he said.
Steve Webb, director of policy at Royal London and former pensions minister, pointed out that the pensions dashboard will prove helpful for workers who end up starting another pension every time they start a new job.
“To make a dashboard work, it is vital that the government legislates to require all pension schemes and all pension providers to take part, otherwise the dashboard will be like a jigsaw with missing pieces,” he explained.
Webb suspects that a comprehensive dashboard is likely to take several years to develop, so he hopes the government will move quickly to deliver the project.
Opperman will work with the newly appointed secretary of state for work and pensions, Amber Rudd, and the pensions industry to deliver the pensions dashboard.