Commenting on the publication today of ‘Pensions dashboards – working together for the consumer’, Steve Webb, Director of Policy at Royal London said:
“There is much that is positive about these plans, including the planned inclusion of state pension data, compulsion on most schemes to supply data, the potential to share data with an adviser and an industry-wide funding base for the project. But this project is clearly suffering from ‘Brexit blight’ and the slow rollout is a real concern. This paper was itself eight months late and legislation is only promised ‘when parliamentary time becomes available’. Most worryingly, state pension data will not be on the dashboard from day one but will simply be included via a link to another website. This will seriously delay the scope for pension planning tools which look at the whole of an individual’s pension saving which is one of the major potential advantages of having a dashboard”.
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.