The government is to go ahead with its plans to support a pensions dashboard, which will bring together information about all of an individual’s pension pots in one place.
The creation of a pensions dashboard was originally announced by the then-Chancellor George Osborne in 2016, who said it would be up and running in 2019. Subsequently, responsibility for the dashboard was shifted from the Treasury to the Department of Work and Pensions (DWP).
However, earlier this year there were suggestions that welfare secretary Ester McVey wanted to scrap the idea, prompting an online petition that attracted over 130,000 signatories in three weeks.
Now Guy Opperman, parliamentary undersecretary of state for pensions and financial inclusion, has made it clear that the project is ongoing in a statement to Parliament.
He said: ‘The pensions dashboard will offer people the opportunity to access their pension information in a clear and simple form – bringing together an individual’s savings in a single place online.
“The work that the DWP has done in assessing feasibility for a pensions dashboard has made it clear that we should not underestimate the size or complexity of the challenge.”
DWP estimates suggest 50 million pension pots are at risk of being lost by 2050 without an official website to help workers to keep track of savings through their careers.
Huw Evans, director general of the Association of British Insurers (ABI), said: “The government will help out millions of savers by keeping its promise to help deliver the pensions dashboard.
“The ABI, leading a cross-industry group of pension providers and schemes, has already delivered a great deal of the work needed to turn the dashboard into a reality, including a working prototype, and we look forward to continuing this collaboration.”
One of the sticking points in discussions with the pensions industry has been the question of how to include details of an individual’s state pension entitlement, as well as auto enrolment and other schemes.