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Royal London urges govt to save pensions dashboard

Loney-Phil-Royal London-2013Royal London chief executive Phil Loney has pressed government to commit to the pensions dashboard project, saying the initiative will bring UK savers in line with other countries.

In July, The Times reported secretary of state for work and pensions Esther McVey was considering shelving the dashboard because it is not the government’s responsibility.

A petition run on website 38degrees to keep the dashboard project alive has more than 100,000 signatures.

Loney says the pensions industry has shown it is committed to the dashboard by spending time and money preparing a prototype.

He says: “We need government to take a lead, both in ensuring that state and public sector pension data is available and also in requiring all pension schemes and providers to supply data.”

“Only the government can do this. It is time to put the consumer first and press ahead with the dashboard project, and we stand ready to work with the government to drive this project forward.”

Loney says they UK pensions system is “highly fragmented” and the dashboard will allow UK savers to see all of their pots in one place, which is the case for many other countries.

He says: “In many other countries citizens can see all of their pensions – state, workplace and private – all in one place, and there is no reason why UK citizens should not be able to do so.”

Loney’s comments come as Royal London publishes its first-half trading update reporting pre-tax profit of £358m (H1 2017: £327m).

In the intermediary arm of the business Royal London saw a drop in overall pensions new business sales from £5.5bn in the first half of 2017 to £5.4bn this year.

Individual pensions and drawdown sales increased by 23 per cent to £3.6bn from £2.9bn in the first half of 2017.

Royal London Asset Management reported external net inflows from institutional and wholesale markets of £2.2bn up from £2.1bn in the first half 2017. Wholesale net flows increased 33 per cent to £1.2bn (H1 2017: £0.9bn).

Funds under management increased to £117bn compared to £114bn at 31 December 2017.

The statement says RLAM saw some “large investment mandate wins” during the first half of 2018.

Royal London’s platform business reported gross inflows of £1.4bn, which was the same result as the first half of 2017. Net flows were also the same as the first half of 2017 at £612m.

Assets under administration in the platform business increased by 5 per cent to £15.1bn from £14.4bn at 31 December 2017.

Money Marketing reported in July Royal London-owned platform Ascentric had transferred just 10 per cent of assets to its new platform, run on Bravura technology, with no date confirmed for the next phase.

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Comments

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

  1. Christopher Pitt 16th August 2018 at 10:36 am

    Great to see Royal London taking a leadership stance on the Pensions Dashboard. Let’s hope the government see sense and back the project that they initiated in the first place!

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