Budget confirms dashboard consultation and 'industry-led' approach
The Department for Work and Pensions (DWP) will consult on the detailed design for the pensions dashboard later this year and the project will include the state pension, it has been confirmed.
In the Budget today, HM Treasury confirmed the DWP would consult later this year on the detailed design for pensions dashboards, and on how an "industry-led approach" could "harness innovation while protecting consumers".
The Budget also provided £5m of extra funding in 2019-20 to help make this a reality.
Documentation published alongside the Budget said the dashboard would also "include the state pension".
Commenting on the announcement, Association of British Insurers director general Huw Evans said: "It's good to see provision in the Budget of £5m of new funding to help enable the launch of the pensions dashboard project.
"Delivering comprehensive dashboards, including details of the state pension, will help millions of savers keep track of their funds and work out if they are saving enough for retirement. Our sector is ready to continue its collaboration with government on making this vital service a reality, and we look forward to seeing the details of the DWP's feasibility study and a further consultation as soon as possible."
Royal London director of policy Sir Steve Webb added: "It is a real step forward that the government has indicated that state pension data will be included in the design of what it calls ‘pension dashboards'.
"This greatly increases the prospect of dashboards which cover all the key pension information which consumers need to know. The additional £5m a year for the DWP in 2019/20 is also a welcome symbol of the fact that the government is committed to taking this agenda forward, albeit more slowly than we would have wished."
More on Industry
What pensions restructuring challenges have arisen over the past year?
Taylor Wessing has published a report gauging industry views on challenges associated with pensions restructuring. Kim Kaveh explores the findings
General Election 2019: Britain Votes
Britons will head to the polls today for the nation’s third general election in less than five years.
Pensions have become the 'largest component' of household wealth
Pensions have overtaken household property wealth to become the largest component of household wealth, according to analysis from the Resolution Foundation.
Barnett Waddingham posts double-digit growth
Barnett Waddingham’s full year results reveal significant growth at the business, with revenue reaching almost £100m. Holly Roach reports
MJ Hudson lists on AIM in £31.4m placing
MJ Hudson has listed on the AIM market of the London Stock Exchange, raising a total of £31.4m from investors.
