The pensions dashboard will require compulsion, an industry levy and will be available on multiple platforms.
New Model Adviser® understands the feasibility study has been written and is being circulated among government departments. Following this, it will be made public to gather industry views.
A source familiar with the dashboard project said: ‘The study will be structured like a consultation where the Department for Work and Pensions (DWP) has expressed its strong views, but is also seeking further recommendations.’
While likened to a consultation, the study will already have decided on some of the key questions regarding what the platform will look like and how it will operate.
It is understood the platform will collect information through scheme compulsion. It will also be proposed the dashboard is funded via an industry levy and that it will be governed by an ‘implementation entity’.
Last month it was confirmed in the documents accompanying the Budget that there will be multiple dashboards rather than one central platform. Nonetheless, the key area of debate now is whether there will be one or multiple underlying platforms.
The government also allocated an additional £5 million in the Budget to the DWP for the development of the platform. While mostly well received, this figure was criticised as a ‘miniscule’ contribution.
The DWP declined to comment. However, it confirmed the publication of the feasibility study is due ‘shortly’.
While the feasibility study is expected to be delivered between now and Christmas, concerns have been expressed that announcements of this kind could be held up due to Brexit negotiations. A ‘Brexit-block’ would disable departments from making any announcements or changes until a deal is reached.
The secretary of state for work and pensions Esther McVey resigned from the cabinet last week over prime minister Theresa May's Brexit agreement with the EU.
Former home secretary Amber Rudd has now been named as her successor.