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Govt backs industry to deliver pensions dashboard

The work and pensions committee has backed the industry to deliver the pensions dashboard.

Govt backs industry to deliver pensions dashboard

Work and pensions secretary Esther McVey has backed the industry to deliver the pensions dashboard.

The dashboard would allow an individual to view all their pension pots, both defined contribution fund values and defined benefit entitlements, in one place, as well as their state pension entitlements.

The Treasury initially led the project via an industry working group, but responsibility was later handed to McVey's Department for Work and Pensions (DWP). Earlier this year rumours circulated that McVey (pictured) wanted to ditch the dashboard plan altogether.

Now the DWP has said it wants it to happen, but has handed responsibility for delivery of the project entirely over to providers.

Speaking today, McVey said: ‘The pensions landscape is transforming and the dashboard offers a great opportunity to give people straightforward access to their pension information in a clear and simple format – bringing together an individual’s savings in a single place online.

‘It is clear there is broad support for the concept of a dashboard and its potential to empower those putting money away for their futures. By taking a leading role, and harnessing their knowledge, the industry can develop a dashboard that works for pensions holders – and government will help facilitate this.’

McVey added the government will ‘ensure interests of pension holders are safeguarded and personal information is protected, legislating to do so where necessary.’

While the project has been passed on to the industry, the department is yet to publish its delayed feasibility study. This will establish whether compulsory provision of data should be set and whether there will be a central dashboard or multiple by providers.

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