Pensions Minister Guy Opperman has confirmed that the Department for Work and Pensions will take forward development of the Pensions Dashboard.
It was announced in the 2016 March Budget that a pensions dashboard would be created. The industry was tasked by Government to develop a prototype to show that the technology to connect everybody in the UK with data from all of their various pensions, including the State Pension, can work.
The prototype was successfully delivered in March but work has continued to research consumer needs, engage with the wider industry, refine technical standards and look at how it could be appropriately regulated. The project has brought together representatives from all parts of the pensions industry as well as tech firms, and has consulted with consumer groups. The project group has recently set out its recommendations for what should happen next. The key objective is that consumers should have a right to access information about all of their pensions in one place of their choice in a standardised digital format, through regulated services.
Steps outlined to achieve this include:
- Government legislation to ensure all pension providers and schemes make their data available
- An implementation timetable, and an implementation and governance body which will establish the necessary standards for all involved
- Establishing a non-commercial, Government-backed platform which will operate alongside services from third parties