A small amendment to the pension schemes bill on 8 June has been labelled ‘significant’ in meeting criticism of the pensions dashboard but has sparked confusion over whether it could confirm a ‘water-tight’ commitment to run a single dashboard.
The People's Pension Director of policy Gregg McClymont said he believed the amendment made by Lord Young of Cookham to clause 122 of the bill this week would oblige the Money and Pensions Service (Maps) to provide a single dashboard.
McClymont said the wording within the clause was changed from ‘may' to ‘must' regarding specific functions and delivery of the dashboard - adding that he believed the amendment would ensure the delivery of a single dashboard was written in law.
He said: "This is very welcome and suggests that cross-party support is building to ensure that a commitment on government to deliver a single dashboard is written into law. The public - as the government's own research confirmed - is more likely to trust a non-commercial dashboard model."
He added: "There was much criticism of the dashboard clauses during the bills Lords second reading and it is notable that a senior government peer has now tabled an amendment to try and ensure the bill contains a water-tight commitment to publicly run single dashboard."
Others however disagreed with this analysis of the amendment.
Smart Pension director of policy Darren Philp said: "We have a very different understanding of the amendment. All this amendment does is to simply say that the Money and Pensions Service has to provide a dashboard. This is our understanding of government policy, so all this does would enshrine that in law. It says nothing about single versus multiple dashboards and we are pleased that the government's approach is for multiple dashboards."
Ten master trusts will pay at least 25% of the total general levy despite holding just 2% of assets, according to The People’s Pension (TPP).
The Department for Work and Pensions’ consultation on increasing the general levy has closed. Holly Roach looks at the industry’s response to its proposals
A pension schemes bill is set to be laid in parliament in the coming weeks after the government announced a wide-ranging suite of reforms in the Queen’s Speech today.
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
Partner Insight: Increasingly from a scheme perspective, keeping up with routine administration demands is only half of the challenge.