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."
In this week’s Pensions Buzz, we want to know if following its moves into private credit and alternative assets NEST is now setting an industry benchmark for defined contribution (DC) investment innovation.
There are now only a few weeks until Professional Pensions' Trustee Senate residential event, which will take place on 3-4 October at the Hanbury Manor Hotel & Spa in Hertfordshire.
Employees will be like “rabbits in the headlights” if they are awakened to their low levels of saving too late in their working lives, it has been warned.
This week’s top stories included The Pensions Regulator launching a prosecution against the director of a professional trustee firm, and the regulator approving five master trusts.
Experts have called on the industry to personalise pension communications and expand auto-enrolment (AE) to all workers ahead of the fifth Pension Awareness Day on Sunday.