Adrian Boulding Director of Policy at NOW: Pensions said: “Pension dashboards have the potential to revolutionise the way people think, feel and access information about their pension savings.
“Today’s announcement is a huge step forward and we are very pleased to see that the government intends to make it compulsory for providers to participate.
NOW: Pensions conducted with pension savers revealed that over three quarters (77%) are likely to use an online secure site that allows them to view all their pension pots, including the State Pension, in one place. Nearly two thirds (64%) said that being able to view all their pension savings in one place would help them to manage their retirement savings better.
“The inclusion of the State Pension is a must as, for most people, this will make up the lion’s share of their pension savings and it’s good to see the government commit to integrating the State Pension into the dashboard.
“But, the technology needs to be future proofed. Simply providing a window to look in and see what’s there isn’t enough. Savers want to be able to do more and giving them the ability to do so could help improve their quality of life when they retire.
“Getting this airborne in 2019 is going to be a challenge, but we like a challenge!”
Top things savers want pension dashboards to be able to do:
• 37% want to be able to pay more money into their pension
• 33% want to be able to update their contact details for all pension providers
• 32% want to see if they are on track with their pension savings against a benchmark or target
• 32% want to be able to transfer / consolidate pension pots
• 32% want to access their annual benefit statement
• 28% want access to guidance
Origo’s Managing Director Anthony Rafferty says: “We are delighted that today’s report builds upon previous Government commitments to harness the best of industry innovation while protecting consumers at all times.
“Origo’s raison d'être is to improve outcomes for consumers and these twin themes of innovation and consumer protection are very aligned to our vision and have been the driving force behind our work on the Pensions Dashboards. We have collaborated with Government and industry stakeholders since 2014 to bring a solution to an advanced state of readiness. This experience has allowed us to provide significant input to DWP’s market engagement exercise and we hope that our input proved useful.
“We are pleased that today’s report provides direction on the key topics raised by industry – compulsion, digital identity, inclusion of the State Pension and suitable governance. This will provide clarity to pension providers to allow active preparations to commence.
“Today’s report takes the industry a step further to delivering a comprehensive, simple, consolidated view of pensions for tens of millions of UK consumers for the very first time. The direction set today should be welcomed given the good it will do for all UK citizens in helping them plan for retirement, find lost pots and in helping to address the savings gap.
“In addition, we believe the Pensions Dashboard will be a foundation for innovation within the long term savings industry and will be one of the biggest catalysts to engagement the industry has ever experienced.
“Origo stands ready to work with industry and Government to progress the world-leading approach that we’ve led on since 2014.
This will deliver an innovative Open Pensions landscape where the consumer is at the heart of the solution and their privacy and consent central to the design.
“We look forward to the consumer benefits that will come from innovative services via trusted brands along with delegated authority to allow individuals to share their information with trusted entities such as their financial adviser providing the consumer with full control over what data they share, with whom, and for how long.
“There is no doubt in my mind that the Pension Dashboard will be instrumental in helping people to become more engaged with their pensions and also their retirement planning. With suitable controls and combined with education, guidance and advice this initiative will be a massive catalyst to help consumers prepare for and, equally importantly, enjoy their retirement.“
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