Pension providers are scrambling to save the pensions dashboard, after reports emerged the government is considering shelving the project.
The report says McVey does not think the service should be provided by the state and that it would be a distraction to rolling out universal credit.
The dashboard was first pitched in 2016 and was expected to be live next year. The Department for Work and Pensions took on responsibility for the project in October last year.
Association of British Insurers director general Huw Evans says: “To abandon [the dashboard] would be a huge let down to millions of savers, leaving them unable to find the money they have saved and even exposing them to fraud.”
He says: “This is an initiative with cross-party support, backed by consumer groups, which is a win-win for everyone. The pensions industry is committed to helping but we need government involvement to ensure the system works fairly for everyone.”
Aegon pensions head Kate Smith says ditching the dashboard makes little sense and will make people’s retirement planning harder.
Smith says: “The pensions industry stands ready to go ahead with the dashboard and constant delays and procrastination have been unhelpful in the extreme. There was never any intention for the government to fund this project, it was always going to be financed by the industry, the question was exactly how?”
She adds: “We had always believed that there should be multiple dashboards, rather than a single dashboard provided by a government agency, such as the single public guidance body. This would overcome many of the ministers’ concerns.”