However, it is believed legislation for the pensions dashboard will not be in place before the project is live
Pensions minister Guy Opperman has put an end to speculation the Government will not continue work on the pensions dashboard by confirming the Department for Work and Pensions will lead the project.
Writing in The Times, Opperman says: “There has been speculation as to whether the government wants to proceed with the pensions dashboard. I want to make it clear that this project will go ahead. The dashboard is a key part of our desire to ensure consumers are able to understand their pensions and plan properly for their future.”
Money Marketing reported earlier this month that responsibility for the pensions dashboard was expected to pass from the Treasury to the DWP.
Last week, the Association of British Insurers and the pensions dashboard project group set out a roadmap for what they see as the most critical decisions for Government to take on the dashboard.
The roadmap proposed introducing legislation to make sure all pension providers and schemes make their data available and suggested an implementation timetable and governance body are needed to establish the standards for those involved in the project.
Responding to Opperman’s commitment, ABI director general Huw Evans says: “I am delighted the pensions dashboard is being taken forward by the Government and that the hard work of the ABI and our partners to deliver a prototype will now be continued.”
He says: “The long-term savings industry will work closely with the Government on the next steps to help make this scheme a success for customers.”
Hargreaves Lansdown policy head Tom McPhail adds: “Given the technical challenges of the dashboard, and the demands of Brexit, it would be unrealistic to expect the government to bring forward legislation to make participation mandatory before the project has gone live.”
He adds: “Hargreaves Lansdown is committed to participating in the dashboard project and will continue to press the government to legislate at the earliest possible opportunity.”