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FCA recommends Dutch-style ‘Pensions Dashboard’ for UK

The FCA wants a Dutch-style ‘Pensions Dashboard’ to be created for the UK market to enable consumers to view all their defined contribution savings in one place.

The idea forms part of the regulator’s recommendations to improve the way the annuity market operates after a thematic review found competition “is not working as well as it could” for savers.

The report, published this morning, cites the development of a Pensions Dashboard as a “longer term” recommendation. Campaigners have long called for the introduction of a ‘Pensions Passport’ in the UK to help savers shop around the retirement income market.

The FCA describes the dashboard as an “interactive digital tool”, although it remains unclear who would be responsible for its development and administration. The regulator also acknowledges that cost could be a barrier to the initiative.

The FCA says: “We are aware that the idea of a Pensions Dashboard has been raised in the past and we recognise the challenge in implementation and cost for such a project.

“However, it has been successful in other countries, and we believe that the case for introducing it in the UK is getting stronger.

“Our provisional findings indicate that the quality of information provided to consumers could significantly improve their engagement with the market and subsequent outcomes. We consider that this initiative can make an important contribution in that respect.”

Dashboard
Source: FCA retirement income study, interim report

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. So just what IS the barrier to the FCA simply mandating OM as the default option? Its unwillingness to do so is very peculiar. Has APFA broached the issue? And, if not, why not?

  2. What proof do they have that it would work in the UK market where many people have with profit RAC’s, unit linked RAC’s, unit linked Personal Pensions, Occupational Money Purchase arrangements etc.

    On the one hand we have the Government saying we trust the nation not to deplete their pension pots in retirement and then we have the FCA suggesting that the very same people are unable to keep track of their pensions?

  3. @Julian

    I agree. I heard a representative of the FCA on 5 Live this morning stating that they felt that the information received by retirees at retirement is to complex and differs between companies, they felt that this was a barrier to shopping around.

    I was shouting at the radio “You are the regulator, if you don’t like it then force companies to do what you do like!”

    I do not follow their logic of not creating a mandatory retirement pack format.

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