Pensions dashboards, which are set to revolutionise retirement planning, have been given the green light by the government, with initial industry models expected this year.
Work and Pensions Secretary Amber Rudd has unveiled proposals to support industry to deliver free, user-friendly services showing people their pensions information online.
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.
The Government has published its response to the consultation on pensions dashboards which includes the key details of its plans, which are:
- 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.
- Dashboards will help to reconnect people with ‘lost’ pension pots, benefitting savers and providers.
Ministers support the development of multiple industry-led dashboards displaying the same basic information. Industry have told the government that initial models will be developed and tested from this year. A non-commercial dashboard will be delivered and overseen by the new Single Financial Guidance Body (SFGB).
An industry delivery group will be brought together by the SFGB, 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. It is anticipated that the delivery group should be fully operational by the end of summer 2019.
Further information can be found at http://tinyurl.com/y5mfv82u.