Webb: data challenges around dashboard can be overcome
Data difficulties around the state pension and guaranteed minimum pension contribution (GMP) can be overcome to create a pensions dashboard according to Steve Webb (pictured above).
The ex-pensions minister who is now policy director at Royal London spoke to PP after he called on the government to drive the initiative forward.
While incorporating the state pension and GMP data are part of a "bucket list of problems" to create the dashboard, Webb said they can be dealt with.
Other countries managed to establish their own systems despite having their own challenges, he said.
He said: "The dashboard is always going to be contingent on what have you built today. The dashboard would have to make it clear this is best endeavours to date. But for the vast majority of people it would be there or thereabouts.
"Clearly you need to think about these things beforehand, you may end up flagging people to contact schemes when things are particularly difficult. The pensions dashboard is almost getting you to a starting line; it is not the end of a story.
"It is the start of a story. It is giving you some sense of what you have got. Nobody should think the dashboard is chapter and verse written in stone etc. It needs to be indicative."
Webb will be participating in an event on Monday 16 May where he will discuss a Royal London's research paper looking at dashboards around the globe.
The People's Pension director of policy and market engagement Darren Philp said earlier this week the state pension must be included in the dashboard for it to be a success.
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