Spend money on data to make dashboard beneficial, says industry
The industry needs to spend a significant amount of money on data and administration to make the dashboard worthwhile, according to pension professionals.
Speaking on a panel at the Pensions and Lifetime Savings Association's (PLSA) annual conference in Manchester yesterday (17 October), industry experts urged for data to be sorted and prepared ahead of the launch of the pensions dashboard.
PLSA director of policy and research Nigel Peaple said it is "high time we spend money on data and administration" to ensure member data on the dashboard is all correct so as to encourage further engagement.
Cheviot Trust chief executive Ellie McKinnon said we need to "tidy data" and "get one really good dashboard up and running".
She said the pensions dashboard will be transformative for the industry, noting: "Just finding your pension will be a positive."
Pensions Dashboards Industry Group principal Chris Curry said the data required for the dashboard "will take a long time for the industry to get".
Curry explained: "A lot is going on" in terms of the planning and development of the dashboard, but added: "A lot is still to be decided."
The panel agreed schemes need to spend time cleaning data to ensure the dashboard is beneficial to all members, with Curry noting: "We can't give members a poor product to start with or they may never come back."
Peaple also said it is "absolutely essential the state pension is on the dashboard".
The dashboard is currently set for a gradual roll out, with compulsion expected to follow. The state pension, however, is not initially expected to be part of the dashboard despite many experts' disagreement with this.
Peaple added: "We would like as many schemes as possible on there" to begin with, to ensure members get an accurate overview of their savings pots.
Curry also revealed: "When we can deliver the dashboard is something out of our control."
This comes after the dashboard was pushed back from its initial launch date, with it now more likely to be launched in 2020.
Speaking at a fringe event at the Conservative Party Conference earlier this month, pensions and financial inclusion minister Guy Opperman said developing the dashboard and progressing with compulsion for schemes has "got a bit more complicated than originally thought".
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