The report calls for state pension information to be made available on a pension dashboard from day one
The Association of British Insurers has called for legislation to ensure pension providers and schemes make their data available for pensions dashboards.
A report published today by the pensions dashboard project group, which is managed by the ABI and includes 16 contributors and the Pensions and Lifetime Savings Association, sets out what it considers are the most critical decisions for Government to take on the dashboard.
The proposal to create a pension dashboard service was pitched in the 2016 Budget and a dashboard prototype was launched last March.
The roadmap published today proposes introducing legislation to make sure all pension providers and schemes make their data available.
It also says an implementation timetable and governance body are needed to establish the standards for those involved in the project.
The report says the platform should be provided on a non-commercial basis but adds there is demand for additional tools and services that third party providers could offer.
It also urges state pension information be made available alongside private pension data from day one.
ABI policy, long-term savings and protection director Yvonne Braun says: “We have the support of the public and we know the technology works. It’s time for the Government to lay its cards on the table and be clear about what it is prepared to commit to this important project.”
Royal London policy director Steve Webb says: “Even if Government was simply to announce an intention to legislate to require all schemes and providers to participate, this would give fresh momentum to the project.”
Webb adds: “It will take years for some schemes to get their data in shape and the sooner they know it will be a regulatory requirement, the sooner they will start work.”
Aegon pensions head Kate Smith says: “Without legislation or regulation there’s a real risk that the pension dashboard will stop in its tracks. While commercial providers could launch their own dashboards, if there are schemes ‘missing’, success would be limited.”
Smith says: “While it’s great to see some progress with the ABI’s plans for the pensions dashboard, the Government needs to support this initiative and ensure there is space in the legislative timetable this side of 2020.”