The government must move faster on its pensions dashboard consultations and into the delivery phase, mandating all pension providers to sign up to it, says Royal London.
Policy director Steve Webb is continuing the call for a concrete commitment on plans from the government, despite Prime Minister Theresa May pledging her support this morning.
Pensions minister Guy Opperman is set to publish a feasibility report on the high-tech tools today which will provide a timeline for the dashboard’s implementation.
It is expected the report will open the option for multiple dashboards rather than a single platform.
Speaking to ITV, May said the introduction of the dashboard has her support and will “transform retirement planning.”
She said: “Bringing pensions online will transform retirement planning – giving people straightforward access to all their pension information in one place.
“I welcome the industry’s commitment to make this new technology a reality.”
The initiative received an additional £5m in funding in the Autumn Budget last month after much stalled progress.
Webb says: “After months of delay, it is good news that plans for the pensions dashboard have finally been published, [but] a comprehensive dashboard is likely to take several years to develop and the government needs to move quickly now.
“It is vital the government legislates to require all pension schemes and pension providers take part, otherwise the dashboard will be like a jigsaw with missing pieces.”
The technology needed to take the dashboard live is already in place and could be implemented in less than 12 months, according to Edinburgh-based fintech Origo.
Managing director Anthony Rafferty says: “The right technology is developed and ready to make this a reality in a short space of time and certainly within 2019 if that is the timescale set by the government.
“The dashboard will be a foundation for innovation with the long-term savings industries and be one of the biggest catalysts to engagement the industry has ever had.”
The dashboard is also continuing to attract public support, with an open petition against any plans to shelve it having now been signed by 200,000 people.
Money Marketing has previously reported on the 38degrees-hosted petition, which was launched in July.
Aimed at former secretary of state for work and pensions Esther McVey, the petition has also received backing from provider Aegon to be debated in the House of Commons.