On the Pensions Dashboard project, we pulled out three key comments from the industry.
Peter Bradshaw, National Accounts Director for Selectapension commented: “The Government’s pension dashboard initiative is definitely a solid first step towards making pension information easily available. The real challenge now will be taking the plans beyond proof of concept. It may prove tricky to consolidate the vast amount of information from pension schemes, so developing structured timelines will be crucial and coercion may be necessary. Unless the dashboard includes the majority of DC and DB schemes, users will not have the complete picture and this could lead to them losing confidence in the tool.
“Conversely, there could be an issue if demand for the dashboard rockets and is not matched by the supply of advice or guidance, so the industry needs to consider how that demand might be met. However, if successful, the dashboard will engage people earlier in retirement planning, and also encourage regular reviews of how pension pots are performing over time.”
Graham Vidler, Director of External Affairs at the Pensions and Lifetime Savings Association, said:
“The Pensions Dashboard project is a ground breaking initiative and we are delighted to be involved in an industry wide project that will offer so many benefits for savers. The level of collaboration has been impressive and shows how keen the pensions industry is to help savers.
“More than three quarters of people (78%) admit they are not sure or do not know where to look to tell if they are on track with their retirement savings. The Pensions Dashboard will help to manage this very real problem and help savers to feel more in control and engaged with their pension savings.”
Chris Knight, Managing Director, Legal & General Retail Retirement, commented: “Understanding the various options available to fund their retirement is already a key challenge for consumers, let alone the need to identify the different pension pots they may have saved into over the course of their careers.
“A central, digital dashboard that provides consumers with all the information they need about their various pension funds is therefore to be welcomed. This model would provide consumers with access to a complete overview of all their pension income, which will help them to identify their total expected retirement income and better plan how they can fund later life.
“However, for the dashboard to be of real value to consumers, it would need the support of all pension providers. Public or private, these providers need to be compelled to share the necessary information to the dashboard to give consumers the most accurate overview of their total pension income.
“With consumers already having to plan their own retirement income following Pension Freedoms, any opportunity to better guide and support consumers and improve clarity around pensions must be embraced.”