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Govt has ‘no time’ for provider reluctance on pensions dashboard data

The pensions minister, Guy Opperman, has told providers they should already be producing data needed for the pensions dashboard, regardless of whether they are legally obliged to.

Giving evidence at the pensions select committee Opperman (pictured) said the government response to a dashboard feasibility consultation would be published in ‘days or weeks’.

In February it was announced providers in the pension industry will be compelled to provide data for the dashboard but this will require new legislation. Opperman confirmed the Department for Work and Pensions has a “strong desire [to] compel providers to provide their data” and but had been met with reluctance from the industry:

“I have met some of the providers which say, ‘well until you legislate for this matter we are not going to start getting our data in order.’

“I absolutely deprecate that and have no time for such an approach. They should be starting to produce their data at the present stage, come what may,” Opperman told the evidence hearing.

He also spoke of meeting with the Single Financial Guidance Body, which will eventually run the dashboard, the Competition and Markets Authority and an open banking group to see what could be learned from open banking. The pension dashboard project and open banking are similar, said Opperman, but with the latter being a couple of years ahead.

Gregg McClymont: Give dashboard responsibility to the new guidance body

In other comments to the hearing Opperman spoke of the 0.75 per cent price cap on auto-enrolment pensions charges and said the government is eyeing 2020 to review it.

“By and large the charge cap at 0.75 per cent is the appropriate way forward at the present stage. There is no anticipation of changing the charge cap until 2020.

“As auto-enrolment [contribution] increases, going up to 8 per cent later this week, we are in a position where there is going to be greater consolidation. I think consolidation will also drive down the costs generally.”

Asked by the chair to rate transparency in the industry out of ten Opperman gave it an eight, saying it had “the potential to do more.”

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Until the Feasibility Consultation is complete and we have at least a White Paper will the industry know what information is required and the format of the information.

    Also would there by GDPR issues if excessive information is held.

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